Billhop collaborates with Visa to improve working capital for businesses
Billhop has launched a collaboration with Visa to enable small businesses across Europe to pay their suppliers using card, regardless of whether or not the supplier accepts card payments. In doing so, Billhop aims to help improve working capital for small businesses.
The collaboration with Visa will allow Billhop to expand across Europe, including markets such as France, Italy and Spain in the first half of 2019. Visa issuers will also have the opportunity to enroll their portfolios and give their Visa Business cardholders access to a 6 month’s discounted Billhop fee.
Billhop, which has already launched in Sweden and the UK, is a payment service enabling businesses to pay invoices with cards regardless if the end beneficiary accepts card payments or not. No onboarding of the end beneficiary is required allowing Billhop to enable 100% of supplier payments on card instantaneously.
On the back of card payments made by small and large businesses, Billhop has experienced a significant pace of growth in Europe generally. In the United Kingdom particularly, Billhop has been well received by companies of all sizes and sectors. Small companies benefit from the grace period on their existing credit cards. Similarly, larger corporations use bespoke credit cards as a working capital financing solution when paying larger ticket suppliers through Billhop.
Sebastian Andreescu, CEO of Billhop, said: “Our ambition has always been to find the best possible solution for businesses to address their need for supply chain financing. Together with Visa we have been able to compose a very attractive offering which will benefit European businesses whether they are an SME or a multinational Large Cap …”
Helen Jones, head of Visa Business Solutions for Europe said: “More and more small businesses are turning to card as their payment method of choice for convenience and simplicity but also for easier tracking. This collaboration provides small businesses with all of these benefits, as well as a practical cashflow management tool… “