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Melio Offers Small Businesses an Enhanced, More Secure Payment Management ExperienceNEW YORK, Sept. 22, 2021 /PRNewswire/ -- Melio, a leading small business B2B payments company, today announced new payment methods for small business owners, offering Real-Time Payments (RTP) and Virtual Cards powered by J.P. Morgan, to create an instant and secure way to manage vendor payments. These digital options will help small businesses improve their cash flow, save valuable time in their back office, and allow them to focus on growing their operations.
Small businesses are critical to the American economy, but cash flow and workflow problems continue to be a main area of concern for small business owners. Research has shown that 60 percent of small business owners have experienced a cash flow issue at some point, and 40 percent of small businesses spend five or more hours per week handling payment issues. Melio will continue helping small businesses maximize cash flow and streamline workflows through J.P. Morgan's RTP platform and Virtual Card offering—which uses a unique 16-digit card number generated to pay a single supplier invoice. These payment methods have the ability to enable billions of dollars to be paid faster and more securely. "We're focused on supprting small businesses and helping them succeed, especially during this period of economic recovery," said Matan Bar, Melio's co-founder and CEO. "The pandemic highlighted the need for more digital, secure, and automated payment methods. By working together, we are inching closer to solving cash flow and workflow problems that can derail small business owners from achieving meaningful growth and get them on track to meet their unique business goals." These new payment methods build upon Melio's easy-to-use accounts payable and receivable platform, which helps improve cash flow and workflow and enables credit cards to be accepted everywhere—including by vendors across the U.S. who prefer to pay and get paid by traditional methods, like paper checks. By utilizing RTP and Virtual Cards, small businesses are able to pay vendors faster without any change to the vendor's existing card-accepting processes, while also simplifying reconciliation data. "We're excited to work with Melio to power a more seamless payment experience for their small business customers," said Greg Kerwick, Head of Client Solutioning for Commercial Banking at J.P. Morgan. "Supporting all of their payment needs—including the launch of an RTP platform and a Virtual Card solution—will help Melio continue its growth and create further value for its customers." RTP is one of the first truly new payment methods in more than four decades. This allows funds to be available in real-time and at a lower cost than some of the traditional payment methods. This new way to pay has the potential to revolutionize small business supply chains. Earlier this month Melio announced it has raised an additional $250 million, which will help accelerate the company's integration with financial institutions, software providers, and marketplaces interested in enabling B2B payments for their customers. About Melio Website: https://www.melio.com
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