OneSource Virtual Partners with Mastercard for Two New Products

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ByJulija A.
June 09, 2021

According to its press release, OneSource Virtual has joined up with Mastercard to launch its two latest services: Invoice Pay and myFlexPay.

InvoicePay allows customers to settle all of their invoice processing and payment needs through a single partner. It offers the following payment options: automated clearing house (ACH), wire transfers, checks, and virtual cards powered by Mastercard. For each vendor payment, those who decide to purchase this solution receive card rebates that can equal up to six figures. 

In addition to that, InvoicePay customers also get invoice reconciliation, fraud protection on all of their payments, and the use of an engine that optimizes payments in accordance with suppliers’ payment preferences.

In an earlier press release, John Bax, the Chief Financial Officer at OneSource Virtual, provided more details on the three main benefits of InvoicePay: “[...] First, it enables one-to-one invoice settlement to simplify payment reconciliation. Second, OSV will assume all liability for payment fraud. And third, rebates offered from SUA transactions will deliver significant savings on accounts payable and procure-to-pay functions.

The myFlexPay payroll card eliminates the need for paper checks and traditional bank deposits. It allows employees to access the wages they’ve earned without affecting the company’s payroll process or cash flow. Furthermore, thanks to OneSource Virtual’s cooperation with Mastercard, myFlexPay cardholders are entitled to ID theft protection and Mastercard’s Priceless program, which enables customers to take advantage of a number of promotions and discounts.

This service is advertised as being both cost-effective and useful for reducing staff turnover. It’s also one of the few available card options for those with a low credit score who might not be able to qualify for a standard bank account, as well as those who can open an account but simply don’t want to.

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Albert Einstein is said to have identified compound interest as mankind’s greatest invention. That story’s probably apocryphal, but it conveys a deep truth about the power of fiscal policy to change the world along with our daily lives. Civilization became possible only when Sumerians of the Bronze Age invented money. Today, economic issues influence every aspect of daily life. My job at Fortunly is an opportunity to analyze government policies and banking practices, sharing the results of my research in articles that can help you make better, smarter decisions for yourself and your family.

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