Westpac today offered details of a new supply chain management platform dubbed Business Link.
Business Link allows a company to pay overseas suppliers using its credit card, with the currency exchange rate calculated in real time.
The bank said the advantage of making payments using the platform is that businesses can avoid providing credit card details directly to suppliers or alternatively making upfront payments using cash.
“We know many Chinese exporters do not accept credit card payments due to merchant restrictions and, as a result, many Australian businesses are unable to utilise funds sitting dormant on their credit cards,” Westpac chief product officer, Jim Tate, said in a statement.
Business Link is based on a platform developed by Australian company Octet.
“By working with Octet, we can now offer business customers the ability to now use their credit card instead of tapping into cash reserves to make payments,” Tate said.
“This gives businesses the ability to free up their cash flow as well as having access to competitive real-time exchange rates, credit card interest-free periods and reward terms. It also enables businesses to make the most of early payment benefits.”
Business Link will be rolled out to eligible customers this month, Westpac said.