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Business Payment Solution Provider programme is launched by PayU, Visa, and YES Bank

Business Payment Solution Provider programme is launched by PayU, Visa, and YES Bank

In conjunction with Visa and YES BANK as the acquiring bank, PayU, an online payment solution provider in India, has introduced Business Payment Solution Provider (BPSP) for Visa Commercial Card users.

Numerous advantages of BPSP include customizable business products that save expenses for retailers. By utilizing the credit limits offered by the bank that issues their business cards, it also helps them enhance their cash flow. By enhancing their ability to accept credit card payments, this service enables businesses to pay their vendors online.

The BPSP provides quick and secure payment options, streamlines supplier and buyer reconciliation, and generates a win-win situation for all parties involved in the payment ecosystem. The BPSP helps small and medium-sized enterprises, in particular, become paperless by making it simple for them to accept digital payments and provide simple credit access.

Although the BPSP solution may be used for any qualifying merchant transactions, corporate travel agents find it particularly useful. One of the biggest airline companies will employ this programme as a trial, benefiting from the favorable flexible advertisements while simplifying corporate bookings for corporate clients through its CTA programme. A payment aggregator acting as a BPSP business is delivering flexible commercials through this unique CTA programme.

In addition, PayU has introduced the Vendor Payments Platform, a feature of BPSP that assists merchants in digitizing payments to vendors (e.g., automated reconciliation, monitoring, etc.). By reducing the cost of invoice processing, merchants can be more effective and handle payments outside of regular business hours. Additionally, it aids in preventing fraud and leaks, which significantly increases corporate value.

Mohit Gopal, Chief Operating Officer of PayU Payments, commented on the news by saying, “PayU is expanding its current partnership with its strategic partners Visa & YES BANK to establish this innovative BPSP programme. The BPSP provides a link between companies that take credit cards and those that do not. We are thrilled to sponsor this programme since it aligns with our mission to encourage technological breakthroughs that promote financial inclusion among the nation’s companies. For businesses, especially small SMBs, who frequently lack the means to digitize payments or access credit without significant expense and effort, BPSP will digitize the whole value chain. We are dedicated to providing and assisting with payment solutions that make it simple for people to make digital payments in the nation and assist in bringing more and more businesses online.

According to Ramakrishnan Gopalan, Head of Products for India and South Asia at Visa, “Many industries depend on a large tail of small vendors and companies that are either not digitized or accept just a tiny number of digital payments. We are excited to introduce the BPSP solution from Visa in association with PayU & YES BANK for merchants in industries including FMCG, insurance, and travel and tourism. With the help of this solution, non-card accepting providers may now take card payments, providing them access to formal credit as well as a number of other benefits, while the payer merchant enjoys all the advantages of utilizing Visa commercial cards.

Source: traveldailymedia

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