Hello Grasshoppers! Following Chris and Pete’s update on everything we’ve accomplished in the past 6 months, the product and engineering team is excited to announce our first product release as a part of Grasshopper 2.0. From virtual debit cards to commercial bill pay, our dev team has continued to roll out new and exciting improvements to help keep our clients’ businesses moving forward.
Virtual Debit Cards
Have you ever forgotten your wallet at home, but remembered your phone and needed to make a purchase? Have you ever needed to buy something from a specific supplier, but their website hasn’t been updated since the 90s? How about trouble finding an easy way for employees to make purchases online? If you’ve experienced any of these issues, virtual cards may be the solution you’re looking for.
Virtual cards are a secure, convenient way to establish a card program for your business, which is why we are excited to share that small- and medium-sized business (SMB) clients are now able to instantly issue virtual debit cards for online use.
Why should I use virtual cards?
Virtual cards provide business owners with flexibility to create and establish a fully customizable card program from any device in seconds. It also gives business owners complete oversight of spending and allows them to transact more securely with no additional fees or setup costs. Virtual cardholders can also earn unlimited 1% cash back on signature-based purchases, just like our physical debit cards. The only difference is they are designed for online or in-person, contactless payments through a digital wallet.
Key features include:
- Create and issue virtual debit cards instantly
- Utilize virtual cards for in-person contactless payments
- Control and track your business-related expenses by card
- Turn debit cards on or off as many times as you need
- Suspend or remove access to funds at anytime
- Prevent fraud by enhancing digital security.
By utilizing virtual debit cards you can enhance your business’ financial security by minimizing the amount of information you share with the places you shop at all without compromising convenience or ease of use. Not only that, you can create as many virtual cards as you want – completely free!
All virtual cards created will be displayed under card management in online and mobile banking with the ability to search, filter and sort by virtual card, physical card, locked or unlocked. Once a virtual debit card has been issued, you are able to view card details, such as card number, expiration date, card type, linked account and more.
Commercial Bill Pay
All businesses have bills. Whether you need to pay suppliers, utilities, contractors or rent, we know that not all bills can be paid the same way. That’s why, in partnership with Treasury Prime and Fidelity Information Services (FIS), we launched Commercial Bill Pay to help keep Banking-as-a-Service (BaaS) and Corporate API clients in the driver’s seat of payments to their partners.
Why should I use bill pay?
Commercial Bill Pay is a helpful tool that allows you to make payments to multiple different vendors and providers from one central dashboard quickly and seamlessly. In addition to our existing ACH and Domestic Wire functionality, BaaS and Corporate API clients will now have access to enhanced payment capabilities within our Commercial Bill Pay system, which will allow you to gain more visibility and control over your entire accounts payable process.
Key features include:
- Ability to issue paper checks to those who require them
- Search through a list of merchants to originate direct payments
- Create one-time payments or templates for recurring payments
- Bypass issuing paper checks where supported
- Track all bill payments & counterparties in one place.
For more information on how to get started with Commercial Bill Pay, we encourage you to reach out to your designated relationship manager. You can also learn more about this service by checking out the Bill Pay docs at www.treauryprime.com.
By Luther Liang & Andrew Braun in Product/Technology Update