American Express and payment management platform Bill.com have joined forces to launch an automated accounts payable (AP).
The product dubbed Vendor Pay allows companies to make payments to vendors with an American Express business or corporate card.
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Furthermore, this process does not require companies to set up a new card account.
Bill.com CEO and founder Rene Lacerte said: “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.”
The service is said to enhance working capital and cash conversion cycles as well as offer better data for payment reconciliation.
American Express said that the service offer cardholders more visibility over the AP process.
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By GlobalDataThe use of single-use, virtual account numbers addresses security concerns.
For a basic plan with core functionality, the service does not charge monthly fee for the first user.
Users can also access an upgraded version with additional benefits. These include, bill approval workflows and synchronisation with accounting software for a monthly fee.
Additionally, American Express business and corporate cardholders can make payments using Bill.com’s ACH and check services.
