Nilson Report

Issue 1198 | May 2021


Companies featured in this issue include:

Top Issuers of Commercial Cards in the U.S.

Purchase Volume on U.S. Commercial Cards by Type with Market Share and Change in Purchase Volume

U.S. Visa & Mastercard Commercial Card Issuers Ranked by Purchase Volume in 2020

U.S. Corporate Cards

Purchase Volume on Corporate, Purchasing and Fleet Cards in the U.S.—2016 through 2020

U.S. Purchasing and Fleet Cards

Commercial Prepaid Cards in the U.S.

U.S. Business Credit Cards

U.S. Business Debit Cards

Publicly Traded Companies in Payments

Purchase Volume on U.S. Commercial Cards by Type with Market Share

Purchase volume on commercial cards issued in the United States totaled $942.2 billion in 2020 with purchasing/fleet and corporate cards accounting for a combined 34%, followed by business credit with 31%.

$321.6 billion
Small Business Credit
$286.2 billion
Small Business Debit
$173.0 billion
$161.3 billion

Full access to the Purchase Volume on U.S. Commercial Cards by Type results including market share and change in purchase volume is available when you subscribe to the Nilson Report.



TreviPay’s AR Platform with B2B Trade Credit

Most business-to-business (B2B) trade credit involves a redirect from the seller’s platform to the website of a bank partner that underwrites accounts receivable (AR) financing or a manual in-house process. The embedded finance platform from TreviPay provides sellers the ability to offer their business customers credit at checkout with approvals delivered in 30 seconds with no need for a redirect or manual review. 

The TreviPay platform handled $6 billion in sales last year. It is used by sellers in 22 countries, exclusively on a white-label basis. 

Over 90% of the trade credit provided is carried on TreviPay’s balance sheet. Sellers are funded within two days. Some sellers use the platform and carry their own receivables. Buyers pay TreviPay via the automated clearing house network, credit cards, wire transfers or paper check. TreviPay operates its own payment gateway.

About 60% of TreviPay’s customers are based in the U.S. and include Best Buy Business and Navistar. An omnichannel service launched earlier this year outside the U.S. gives buyers access to their trade credit via a mobile app when making in-store purchases. The app, which is branded with the seller’s corporate logo, uses two-factor authentication for security and to make purchases irrefutable. 

Digital River offers merchants in Europe TreviPay’s platform, in part because its capabilities include handling all compliance requirements for VAT invoices.

B2B marketplaces including Tundra and uShip make TreviPay available to merchants on their platforms. Acquirers of card payment transactions can link to TreviPay and offer its AR and trade credit platform on a white-label basis. TreviPay has started working with its first U.S.-based acquirer.

Businesses of all sizes benefit when they offer trade credit at checkout because a growing number of businesses seek net terms when buying online. TreviPay offers a suite of APIs and has plug-ins to ecommerce platforms including Magento and BigCommerce.

TreviPay, which was previously known as MSTS, was acquired by private equity firm Corsair Capital in 2020. Other Corsair investments include Repay, Currencies Direct, Axo, IDnow, IDIQ and Jackson Hewitt.


Dan Zimmerman is Chief Product Officer at TreviPay in Overland Park, Kansas,,

Prior issues: 1177, 1131

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