Visa, the digital payments leader, has partnered with UAE-based Merex Investment, and PayMate, a B2B payments solution, to digitise rental collections through Visa’s Business Payments Solution Provider (BPSP) solution provided by PayMate.
Launched in 2020, the Visa BPSP solution enables non-card-accepting suppliers to receive payments made on card rails into their bank account, by integrating with PayMate’s platform.
By adopting this solution, Merex Investment can now collect rental receivables into its bank account through commercial card payments made by its tenants in the UAE. This move drives efficiency in collection processes for its retail destinations and also eliminates the need for manual reconciliation through traditional collection methods.
Shahram Shamsaee, CEO of Merex Investment, commented: “By leveraging Visa’s BPSP solution, we digitise payments, enhance efficiency, and drive transparency.
“This strategic alliance reflects our commitment to tenant experience and growth, empowering us with valuable insights for informed decision-making and improved business planning. With industry-leading solutions from Visa and PayMate, we look forward to delivering exceptional services to our valued tenants.”
This partnership demonstrates Merex Investment’s commitment to enhancing their tenants’ experience by streamlining collection processes, reducing manual intervention and enabling services from a specialist in the field, that are cost-effective, reliable, as well as highly secure.
Modernising ‘real estate and rental collections’
Salima Gutieva, VP and UAE country manager at Visa, also said: “At Visa, our goal is to digitise and simplify B2B payments acceptance to ensure more seamless, quick and secure money movement. We firmly believe that this collaboration will make a significant contribution to the ongoing digitisation efforts within the emirate’s real estate sector, as part of Dubai Land Department’s efforts to modernise real estate and rental collections.”
Rakesh Khanna, chief commercial officer at PayMate, also commented: “This will empower Merex Investment and its retail destinations to digitise their rent payments, eliminate friction by removing manual processes and provide end-to-end reconciliation. This will set a benchmark and potentially pave the ‘new way’ to collect rent payments in the region resonating with Smart Dubai’s vision of digitisation.”
With the current challenges in card acceptance for B2B Payments, Visa’s BPSP solution along with PayMate, aims to drive working capital benefits and transparent reconciliation through secure channels, providing key insights for strategic decision-making, cash flow forecasting and business planning.
