Versapay Corporation, of Toronto, is a major Canadian ISO providing card acceptance services to merchants, but also offers a proprietary, cloud-based EIPP (Electronic Invoice Presentment and Payment) platform to facilitate electronic communications between B2B suppliers and customers.
According to Bill McGill, CEO of Versapay:
“We believe that this partnership will broaden the market for our unique cloud-based EIPP exchange in Canada and increase MasterCard acceptance among businesses accepting payments from other businesses.”
For MasterCard, the attraction is similar; providing a card acceptance channel where significant volumes of Canadian B2B transactions are hosted in the cloud between buyer and seller is expected to motivate additional card usage. In some instances, suppliers have resisted card acceptance due to concerns about the effect of interchange and merchant discount fees. It will be interesting to observe the rate of card usage in this channel in the absence of “supplier hand-holding.”
Click here to read the press release.