Source: American Express
Today, American Express (NYSE:AXP) and Bill.com announced a strategic partnership with a new offering: American Express “Vendor Pay” by Bill.com.
Vendor Pay couples automating your accounts payable (AP) process with the ability for businesses to seamlessly pay vendors with their American Express® Business or Corporate Card, without the hassle of setting up a new Card account.
This new solution streamlines vendor payments, improves working capital and cash conversion cycles, and provides better data for payment reconciliation, all while helping businesses earn the rewards of the Card. In one simple online dashboard, Vendor Pay allows American Express Business and Corporate Card Members to pay their company’s bills with more control and visibility over the AP process. It also provides enhanced security through the use of unique, single-use virtual account numbers with their existing Business or Corporate Card.
“As businesses grow in size, their accounts payable needs become more complex, driven by more vendors and more invoices,” said E-Bai Koo, Executive Vice President, American Express Global Commercial Services. “As a partner to businesses around the world, we strive to make it easier for customers to get business done. We’re excited to build a long-term partnership with Bill.com, a leader in digital business payments, to offer our Card Members a streamlined approach to vendor payments.”
In addition to paying vendors via virtual account numbers, the partnership with Bill.com will also provide American Express Business and Corporate Card Members the option to pay with Bill.com’s ACH and check services. Once users enroll, they can begin to make payments through an easy-to-access navigation bar and view real time status updates. For American Express Business and Corporate Card Members, Vendor Pay offers a basic plan that provides core functionality with no monthly fee for the first user. In addition, advanced plans are also available for a monthly fee1 that provide additional benefits including bill approval workflows, synchronization with leading accounting software, and designated roles and permissions.
“The Bill.com and American Express partnership is a powerful combination of two innovators and leaders in business payments,” said Rene Lacerte, CEO and Founder of Bill.com. “American Express Business and Corporate Card Members will now have a central platform for managing digital business payments via Bill.com, with the added benefits of earning the rewards of their Card and automating their manual and time-consuming back office processes.”
In addition to partnering with Bill.com to create Vendor Pay, American Express’ corporate venture capital arm, Amex Ventures, is a long-time financial investor in Bill.com.
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