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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 card 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 transacting in the United States 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/
*Actual funds availability depends on the receiving financial institution and region.