Nexus has pioneered a new payments solution in partnership with WePay, the integrated payments business of JPMorgan Chase & Co., to allow SMBs to accept payment through a virtual card to simplify their payment process and improve working capital.
NexusDirect, the new payments solution, is powered by Chase which allows sole proprietors and small business suppliers to get payments directly into their bank accounts using a single-use virtual card. The suppliers won’t have to provide banking details to each customer – as they do with ACH – or acquire a point-of-sale system that is currently needed to process virtual cards.
With the NexusDirect solution, the supplier receives a highly secure virtual card, which is sent digitally to fund a single transaction. All the manual work to process the card is done by Nexus and WePay for the supplier. Once the buyer pays for the purchase and authorizes the card, the supplier sees the money in their bank account, minus the predictable card transaction fees.
The solution also has benefits for buyers or Nexus customers who use the Nexus AP automation and payments platform to pay their hundreds or thousands of suppliers each month. Instead of writing checks to these small suppliers, these buyers can now pay them with the NexusDirect virtual solution. And it won’t cost them anything. They can track each of these payments right within their Nexus platform.
The Nexus platform is designed to work with many financial solutions and can integrate easily through APIs.
Jennifer Coolidge, president of Nexus, commented:
“NexusDirect is a quick and secure way for small suppliers to receive all the benefits of electronic payments that have been so critical during the COVID-19 pandemic – security, visibility, easy reconciliation, and fast payments – without any hassle or equipment to rent. They can even get paid as soon as the same day, for no additional cost, if they have a Chase account.”
Angela Martin, Head of U.S. Strategic Partnerships Group, at WePay, commented:
“We’re thrilled to be partnering with Nexus Systems to help suppliers overcome the challenge of managing payments. Together, we’re bringing the benefits of virtual cards to drive efficiencies, while delivering security and control, to help suppliers meet their businesses’ bottom line. With NexusDirect, suppliers that choose a virtual card can begin accepting card payments quickly. This leads to faster and easier access to cash flow.”
Coolidge said :
“NexusDirect is a very practical solution for small suppliers who don’t have a dedicated AR employee or the time to process virtual cards. It also provides them with unprecedented visibility because Nexus brings suppliers and buyers together on the same software platform and allows both parties to track every step of the transaction.”
