Small business cardholders can now pay their suppliers with their credit cards using a new system called Melio. Once the transaction is completed, the card company sends a check or electronic transfer to the vendor. This process echoes the early days of consumer online bill pay, when payment providers mailed paper checks to their recipients. The early days of online bill pay were similar to those of small businesses, which began digitizing their payments during the pandemic.
The new payment system will provide small business owners with flexibility when paying their bills. Small business owners can group all bills into one simple, customizable interface. They can pay specific bills or pay their vendors directly from the application. In addition to credit card payments, Melio also supports ACH and check payments, giving small business owners the flexibility to pay vendors without having to carry a credit card. This gives both the small business owner and the vendor peace of mind when making a credit card payment. Small business owners can also earn points on their credit card transactions.
A fintech company that helps small business owners manage their payments, Melio is expanding its reach and adding premium prospecting features. Small business owners spend countless hours on their business, and are often pressed for time. Because of this, Melio is now integrating their platform with Capital One Business, and plans to continue expanding this partnership. And if you’re not convinced by these new features, check out the video below!