DALLAS, TX – (June 03, 2021) – As part of their ongoing drive to always offer unparalleled choices with unwavering commitment and uncompromising care, leading Workday service partner OneSource Virtual has selected Mastercard as the exclusive network to power its two newest solutions: Invoice Pay and the myFlexPay Payroll Card.
OSV selected Mastercard because of the company’s partnership approach and position in payments technology to offer innovative products and solutions.
“OSV and Mastercard share a similar commitment to helping customers do more and do it more efficiently and cost-effectively,” says John Bax, CFO at OSV. “We’re proud to be working with them to bring Workday customers new HCM and Finance solutions that will make their day more doable.”
As part of OSV’s growing portfolio of services, Invoice Pay represents the next step in Finance & Accounting services. It introduces the ability for OSV to pay supplier invoices for Finance & Accounting customers, giving them the convenience of one partner for both processing and paying their invoices.
Invoice Pay’s payment capabilities include ACH, wire, check, and virtual cards powered by the Mastercard network. OSV customers are enabled to receive card rebates via the issuer with each supplier payment.
Invoice Pay customers also benefit from fraud protection, invoice reconciliation, and a payment optimization engine that factors in suppliers’ payment preferences.
myFlexPay Payroll Card
In the same way that Invoice Pay extends OSV’s Finance & Accounting services, OSV’s myFlexPay Payroll Card adds to the solutions already available to OSV’s more than 500 Workday Payroll customers.
Nearly half of all companies still issue paper paychecks to their employees. But issuing paper checks is expensive, costing an average of $23 per employee per month, totaling more than $200 per employee annually1. Paper checks also contain sensitive information and can get lost, damaged, or delayed.
The myFlexPay Payroll Card helps companies and their employees in a few key ways:
- It helps companies reduce their payroll costs per employee
- It empowers companies with a digital payment solution that is compliant in all 50 states and that all employees can use, including employees who are unbanked or underbanked
- It removes the risk of exposure by providing guaranteed fraud and identity theft protection for employees and employers
The myFlexPay Payroll Card also features several Mastercard benefits, including contactless payments, ID Theft Protection™ providing credit monitoring and transaction alerts, and access to Priceless Experiences, which offers activities both digitally and in the cities where cardholders are, among others. Further, the myFlexPay Payroll Card can be used to make purchases wherever Mastercard is accepted.
For more flexibility, the myFlexPay Payroll Card can even be paired with OSV’s myFlexPay Earned Wage Access solution to give employees instant access to their earned wages on their card at a discounted rate.