VISA
is more important than ever when it comes to risk mitigation – something demonstrated by the pandemic . However , this spotlight on suppliers goes beyond highlighting potential problems – it has benefits for the suppliers too , with Visa being able to identify those that may need extra assistance or support in these unprecedented times .
“ We are focusing on sustainability and diversity in our supply chain ,” says Bornstein . “ That ' s our highest priority . Working with and supporting small businesses is extremely important to Visa Europe and Visa overall , and procurement as a function has a role to play .”
One example of that supportive role is the aspiration to operate in line with the UK Government Prompt Payment code and change SME payment terms to 30 days , to help small companies through tough times and recognise their importance to Visa Europe .
“ The pandemic has been incredibly tough on small businesses more than anyone else ,” adds Livingston . “ What we are trying to do at Visa is to support small businesses as they recover from the pandemic and then accelerate their business in the future , and the main way we can help them do that is by helping them go digital .
“ What we are trying to do at Visa is to support small businesses as they recover from the pandemic and then accelerate their business in the future ”
ROB LIVINGSTON CFO , VISA EUROPE
“ Even today , less than half of small businesses in Europe have a digital presence for ecommerce , and that ' s something that creates tremendous opportunity for a rebound in the future . We ' ve made a multiyear commitment to digitise 50 million small and medium businesses around the world and we ' re already halfway there .”
Visa is able to implement this farreaching initiative by combining its global strength with local knowledge . Operating in more than 200 countries gives Visa unique
156 May 2022