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CoverStory

Half of those participating in the survey, conducted Development at Billtrust, said B2B payments from card
on behalf of Visa, said the top benefit of biometrics is accounts are "exploding," thanks in part to innovations
eliminating the need to remember multiple passwords or around virtual cards, which are one-time use, auto-
PINs. Seventy percent said they found biometrics easier to generated card numbers that buyers can send to suppliers
use, and 46 percent felt biometrics offered more security to effect payments.
than passwords or PINs.
Billtrust has developed a product dubbed Virtual Card
"For financial institutions, the time has never been better Capture, a cloud-based solution that embeds payments
to integrate biometric technology into banking apps and and remittance data into a single secure file to eliminate
payments experiences for consumers," said Visa Senior manual keying and optimize interchange.
Vice President of Risk and Authentication Products Mark
Nelsen in discussing the survey findings. "Advances Buyers initiate transactions directly from their accounting
in mobile device features are increasing the accuracy systems; funds get deposited to biller accounts and
and speed of biometrics, such that they can be used for matched with open invoices automatically. "This keeps the
financial transactions. At the same time, consumers are buyer really safe and makes reconciliation easy," Babinsky
widely familiar and comfortable with using biometrics for said. Billtrust isn't going it alone. The company is working
more than just unlocking their phones." with Visa, which has made a strategic investment in
Billtrust, according to a recent joint press release.
New acquiring opportunities
The move away from physical cards isn't necessarily bad Virtual cards aren't just good for businesses. Babinsky
news for acquirers and their partners, as the bottom line said opportunities exist for greater adoption in consumer
focus remains on facilitating payments. "It's no longer markets, too. "Virtual cards for consumers make a lot of
going to be about the card; it's about the customer," Oglesby sense," he said.
said. "This presents both risks and opportunities." On deck: sensory branding

In October 2017, leading acquirer First Data Corp. launched It's not just the plastic form factor that's destined to change
an initiative with Apple to broaden mobile adoption and in the ongoing evolution of card payments. Familiar cues
get more of its Clover Go tablet-based wireless devices of the checkout process may be changing, too. Visa said
into the market. Clover Go supports contactless, magnetic it plans to test a new sensory branding campaign during
stripe and chip card payments, as well as a range of the upcoming Winter Olympic Games in South Korea. The
merchant apps facilitating, for example, gift card and tests will involve sound, animation and haptic (vibration)
loyalty programs. First Data claims it supports Apple Pay cues that will signify completed transactions in digital
acceptance at more than 1 million U.S. merchant locations. and physical retail locations.

"Enabling Apple Pay for our merchant clients allows us to "As payments become increasingly embedded in com-
offer our clients more forms of payment acceptance," said merce, the notion of 'Everywhere You Want to Be' [Visa's
Dan Charron, Executive Vice President for Global Business tag line] takes on even greater meaning for our brand,"
Solutions at First Data. Under the arrangement, Clover Go said Lynne Biggar, Executive Vice President and Chief
is now available for purchase at Apple stores. Charron Marketing and Communications Officer at Visa. "As new
said the arrangement provides "a great opportunity to payment experiences continue to take shape in the world,
create brand awareness for Clover Go devices, which we this suite of sensory branding elements will give consum-
expect will benefit all of our sales channels." ers the assurances we know they want every time they use
Visa."
Moving the B2B needle
The transition away from plastic cards to initiate payments Visa said it has done extensive research that shows con-
isn't just a consumer phenomenon. It also is helping to sumers like the idea of sensory branding. Among the
prod greater use of card accounts to facilitate business- findings: 83 percent said sound or animation cues would
to-business (B2B) transactions. Despite the proliferation positively impact their perception of the Visa brand; 81
of electronic alternatives, checks remain a dominant percent said they would have a more positive perception
fixture in the B2B payment space. A 2016 survey by the of merchants who used sound or animation cues as part of
Association of Financial Professionals found that more the payment process.
than half of all payments by U.S. businesses continue to
be made by check. Visa also said it is working with "national merchant and
point-of-sale hardware vendors" in support of sensory
Several factors contribute to business preferences for branding, and software development tools will be made
checks, including costs (checks don't carry interchange) widely available this year for payment services providers
and the need to exchange and reconcile payment and and merchants to start implementing sensory branding.
invoice information on the back end. But the market is
beginning to change. Nick Babinsky, Director of Business
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