Noventis Makes Secure Virtual Card Payments Available to Underserved Small Business Market

Noventis, Inc. announced that its payment platform and network, which includes over 100,000 endpoints (billers, suppliers, vendors), is helping traditionally underserved small businesses take advantage of more secure forms of payments, like virtual cards, to avoid the rising threat of check fraud and identity theft. Through network expansion and bill payment innovation, Noventis is providing a convenient and cost effective way for more small businesses to replace fraud-prone paper checks with more secure virtual cards, also known as v-cards.

One-time use virtual cards provide the perfect answer to many pains experienced by small businesses today, including payment related security threats, costly paper checks and inefficient accounting processes. Virtual cards make it almost impossible for fraudsters to steal and re-use the card number since v-cards can be issued in the exact amount of the bill and payment can be restricted to a specific industry. V-cards provide protection against identity theft because they do not expose any personal information about the payer. Additionally, v-cards improve accounting efficiency by supporting automatic reconciliation of payments and transparency into payment activity.

Until now, most small businesses have not been able to take advantage of the virtual card solutions that have been widely available to medium and large businesses. This is due to the high cost and resource requirements of v-card solutions that were designed to satisfy the needs of larger businesses. Noventis has removed these barriers for small businesses by developing innovative digital payment options and expanding the number of suppliers that accept electronic payments in the Noventis network.

“At a time when check fraud and identity theft are increasingly problematic to all constituents in the ecosystem, there are over 5 million small businesses in the US that haven’t had access to the same digital payment innovations as larger businesses,” said Steve Taylor, CEO of Noventis. “Noventis is on a mission to help our partners deliver new, innovative digital payment and delivery options to this traditionally underserved market. This includes the use of virtual cards, which support a smaller risk footprint, so that small businesses can protect themselves against fraud and become more efficient just like larger businesses.”

The Noventis solution helps smaller businesses take advantage of a payment rail that is becoming more prevalent among larger businesses. Today, these solutions are utilized by more than 5,000 banks nationwide.

Earlier this year, Noventis expanded its network to include over 100,000 endpoints serving B2B payments. Payments are delivered through the payee’s preferred delivery methods, including email, secure fax, web, automated phone, or live agent, using a unique, one-time use MasterCard®, Visa® or Discover® virtual card whenever possible.

More information about Noventis virtual card solutions and the benefits to small businesses is available at https://noventispayments.com/virtualcards.