Digital payments provider Visa has collaborated with Israeli start-up Behalf to support small business growth via easy-to-access capital and financing.
Image: Visa headquarters at Metro Center in Foster City. Photo: courtesy of Coolcaesar.
Behalf offers working capital solutions for small businesses and flexible financing for business purchases.
Visa small business and medium enterprises global head David Simon said: “Behalf has demonstrated a commitment to expanding the purchasing power of small businesses by using digital payments to offer faster, more convenient and secure experiences.
“This partnership is another great example of how Visa partners with FinTech companies to help improve digital experiences and bring new solutions to market in order to overcome common small business challenges.”
As part of Visa’s investment in Behalf, Visa will provide tokenized Visa Virtual Card to small-business clients of Behalf.
Visa Virtual Card is a credit-based payment solution, which offers businesses instant financing for their business purchases.
Initially, the credit-based payment solution will be provided to the customers in the US. Later, the solution will be expanded to other markets.
The partnership is said to support Visa’s global strategy to expand its products and capabilities to small businesses through collaborations with start-ups and fintechs.
In June this year, Visa has announced that it will up to $100m in fintechs to expand its operations.
Behalf CEO Benjy Feinberg said: “The Behalf platform offers affordable, on-demand purchase financing. Our network of B2B merchants can fit Behalf seamlessly into their eCommerce flow, receive payment immediately and provide their business customers with more buying power and flexible payment options at checkout.”
In July this year, Visa has collaborated with money-transfer and payment services provider MoneyGram to simplify overseas money transfers.
The companies have entered into a strategic agreement to modernize and digitize the process of sending and receiving money overseas.
Via Visa Direct, a real-time push payments platform, the companies will allow secure cross border remittances.
Visa’s global processing network, VisaNet, holds capacity to handle more than 65,000 transaction messages per second.
Established in 2012, Behalf is a financing provider, which facilitates commerce between business to business merchants and their business customers.