Currently, 51% of B2B payments in the US are made via check, costing businesses an average of USD 8 per check. However, virtual credit cards are becoming a widely accepted form of payment for B2B transactions. According to the press release, virtual credit cards are the fastest growing commercial segment, expected to grow 24% by 2020.
With more than USD 30 billion in issued corporate payment spend, WEX serves the travel, insurance and media industries, among others. This new relationship with Visa is in line with the company’s commitment to provide new payments choices to its customers.
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