ConnexPay Launches Virtual Payments Issuing in Canada
Additional currency allows clients to eliminate cross-border and FX fees between the U.S. and Canada
ConnexPay, a payments provider that connects acceptance and issuance for travel companies, marketplace companies, and commerce intermediaries, today announced its entry into Canada, with the ability to issue virtual card payments in Canadian dollars (CAD).
“We’re excited to offer our clients the ability to issue virtual cards in local currency to Canadian suppliers,” said Robert Kaufman, Founder and CEO of ConnexPay. “This enhancement to our platform allows clients to eliminate cross-border and foreign transaction fees between the U.S. and Canada.”
There is no charge for ConnexPay clients to issue virtual card payments in either the U.S. or Canada. In addition, ConnexPay offers its clients a rebate on virtual card transactions. The company has also built proprietary technology to automatically make intelligent payment routing decisions, which gives its clients more control over transactions and further boosts revenue.
“We listen to our clients, and we understand the ever-growing need to issue virtual payments in markets outside the U.S.,” added Kaufman. “In fact, our entry into the European market is launching later this year.”
ConnexPay is the first and only company to bring together the two sides of the payment process — payments acceptance and virtual payments issuing — into a single platform with one contract and one reconciliation.
ConnexPay’s expansion into Canada initially includes virtual card issuing, with merchant acquiring becoming available in the near future. The flexibility of this technology allows clients to adopt the full end-to-end acquiring and issuing solution or leverage ConnexPay’s innovative intelligent routing issuing-only platform.
The company’s technology simplifies an antiquated workflow, eliminates the need for pre-funded accounts, reduces supplier risk and the cost of accepting card payments while safeguarding consumer spend.