By Aisling Finn on Tuesday 7 April 2020
The startup lets companies pay their bills by card, even if the end beneficiary doesn’t accept it.
Billhop, a Swedish payment platform that allows businesses to pay invoices by card regardless of whether the receiver accepts cards, has today announced a partnership with Visa in Ireland.
Having already launched in the UK and Sweden, Billhop will now allow Irish customers to pay suppliers using their existing credit cards, without having to get the supplier on board.
The partnership will let existing Billhop customers use their Visa cards to pay invoices at a rate of 1.99 per cent, much lower than the usual rate of 2.95 per cent.
Currently, SMEs across the globe are facing the prospect of drying up cash reserves and it’s hoped that this collaboration will give SMEs a bit of breathing room.
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 all Irish businesses whether they are an SME or a multinational Large Cap.”
Philip Konopik, Country Manager, Ireland, Visa, added: “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 cash flow management tool.”
The announcement comes just weeks after the World Health Organisation urged people to use contactless to stop the spread of coronavirus, as well as other companies building new platforms and giving their customers small concessions to help curtail infections.