ATLANTA--(BUSINESS WIRE)--ConnexPay, the first and only payments technology company that integrates payments acceptance and issuance inside a single platform, announces a partnership with Payouts Network, an industry leader in financial technology. Through this partnership, ConnexPay has launched new functionality that will enable payouts via Push-to-Card modalities.
Push-to-Card Payouts are initiated by the payer, who “pushes” funds in real time to a payee’s account through their eligible Visa or Mastercard debit or reloadable prepaid card. Unlike traditional bank-to-bank transfers, Push-to-Card Payouts are settled in real time and need only the payee’s name and email to set up. The payee’s card information is then captured on the initial payment through a quick and easy white-labeled flow and stored for future payments; there is no need to collect banking information. Push-to-Card Payouts can be made anytime, 24/7/365. With Push-to-Card technology, payments are easy, quick, safe and transparent for businesses looking to pay other businesses or individuals, such as gig workers.
ConnexPay's primary payment modality is virtual cards, which provide an alternative to traditional cash, check, and ACH payments. Push to Card provides value where virtual card acceptance is unavailable. For example, Push to Card allows businesses to pay gig-economy delivery drivers (DoorDash, Grubhub, etc.) in real time directly to their eligible card account rather than having them wait several days to receive a payment via check or ACH. Powered by Payouts Network, this Push-to-Card solution complements ConnexPay's existing offering by enabling real-time settlements* and visibility into transactions via a new modality.
Commenting on the partnership, Bob Kaufman, Founder & CEO of ConnexPay, stated: "ConnexPay's partnership with Payouts Network demonstrates our commitment to delivering innovative solutions that meet the evolving needs of our customers. With Push to Card, ConnexPay is poised to offer a new payment process to our customers that is efficient and secure, further enhancing our position as a leading payments provider."
The new functionality will benefit businesses by eliminating the need for traditional payment methods like checks and ACH, which can take days to clear and have limited settlement visibility. With Push to Card, settlements to the recipient occur in real time, and businesses have full visibility into all transactions.
"This partnership is a natural fit for us, as both companies are committed to providing innovative and reliable payment solutions," said Payouts Network CEO Keith Smith. "We look forward to working with ConnexPay to bring our Push-to-Card solution to businesses across various verticals."
“Providing secure and transparent digital payment capabilities is at the core of Visa’s efforts to help enhance how individuals and small businesses move money,” said Yanilsa Gonzalez-Ore, SVP, North America, Head of Visa Direct. “We are excited to extend the benefits of Visa Direct to ConnexPay’s customers across a variety of industries and use cases.”
The new functionality will be available to all ConnexPay customers and will also help accelerate the company’s expansion to reach more customers across the gig economy, insurance industry, as well as other dimensions of the travel industry. ConnexPay and Payouts Network are also exploring opportunities to expand their partnership to other markets and geographies in the near future.
"We’re excited about the growth and retention opportunities that this partnership will bring to our business," added Kaufman. "Our customers are already using technology that is at the forefront of PayTech, and this new addition will make their payments much faster, while helping us serve more companies."
To learn more visit: https://connexpay.com/
ConnexPay is the first and only company to bring together the two sides of the payment process — payments acceptance and virtual payments issuing — into a single platform with one contract and one reconciliation. The flexibility of this technology allows clients to adopt the full end-to-end acquiring and issuing solution or leverage ConnexPay’s innovative intelligent routing issuing-only platform.
The company’s technology simplifies an antiquated workflow, eliminates the need for pre-funded accounts, reduces supplier risk and the cost of accepting card payments while safeguarding consumer spend. Founded in 2017, ConnexPay is an industry leader in payments for industries historically viewed as high risk to payment providers. Learn more at www.connexpay.com and follow us on LinkedIn.
About Payouts Network, Inc.
Payouts Network is innovating the next generation of payments by enabling businesses to originate, approve and issue payments in near real-time to consumers, employees and businesses. Their industry-leading intelligent platform transforms the complexity of payments into an economical, highly secure and fully transparent process that delivers the speed, security and control required by businesses and consumers. Headquartered in Bozeman, MT, Payouts Network enables businesses to streamline their payment processes across multiple industries, including travel, hospitality, insurance, financial institutions, large employers and more. For more information, please visit www.payoutsnetwork.com.
*Actual funds availability depends on the receiving financial institution and region.