eCapital launched a new commercial credit card program with Visa. The platform will provide clients with direct connections to the funds in their eCapital accounts and reporting to manage all Visa transactions. Through this collaboration, eCapital can offer clients new options for receiving funds through a commercial credit card and accessing a revolving line of credit to bridge the gap in day-to-day business cash flow.
The eCapital technology team developed the platform with Visa. eCapital’s freight clients will be the first to benefit from this new technology. The platform works directly with eCapital’s existing mobile app and client portal to provide freight factoring clients with direct control of their funds. Within the company’s client portal, business owners can set spending limits for drivers, limit the frequency of charges and control the type of merchants and vendors where the eCapital Visa commercial credit card can be used.
“The new eCapital Visa commercial credit card program and platform represents a paradigm shift in how capital is delivered to the industry,” Marius Silvasan, CEO of eCapital, said. “Our technological development team leveraged their expertise and worked closely with Visa to create an innovative and unique product offering which we believe will have a significant impact for small and medium-sized businesses. This collaboration signifies another milestone for eCapital as we execute on our strategic plan and create additional products to further increase the breadth and depth of our treasury services.”
The collaboration with Visa also includes Visa Direct, Visa’s real-time push payments platform, which will allow eCapital to disburse approved funds in real time. The industry standard for factoring is currently limited to funding clients using ACH, wire transfers and other methods that are generally reliant on East Coast banking hours, which have specific cutoff times for same-day processing. These operating hours can be restrictive for businesses whose operations can require reliable cash flow day and night.
The eCapital Visa commercial credit card will be phased into all existing freight clients over the course of the next several months, while new clients will be offered the program upon signing up with eCapital. The company plans to roll out this offering to its other divisions after the full integration of its freight factoring clients.
“Speed of financing is the reason our clients rely on us, and by leveraging Visa technology, they can now get their funds in real time and no longer rush to get invoices in before the bank cutoff times,” Ken Judd, CEO of eCapital Freight Factoring, said.
