VENDOR PAY MARKS THE FIRST TIME BUSINESSES CAN CHOOSE TO USE A CARD TO MAKE VENDOR PAYMENTS WITHIN A BILL.COM SOLUTION. BUSINESSES CAN NOW EFFICIENTLY RECONCILE PAYMENTS, EARN THE REWARDS 1OF THEIR BUSINESS OR CORPORATE CARD AND IMPROVE WORKING CAPITAL.
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.
More details about Vendor Pay, including sign up information, are available at www.americanexpress.com/vendorpay .
1 Additional fees may apply based on plan type and number of users.
About American Express Global Commercial Services
Through our Global Commercial Services division, American Express offers powerful backing and support that helps companies of all sizes gain financial savings, control and efficiency. We provide a suite of payment and lending products, solutions for travel and everyday business spending, cross border payments, global currency solutions, and business financing.
To learn more about Global Commercial Services, visit business.americanexpress.com.
About American Express
American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com.
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Bill.com is the leading digital business payments company with a network of over 3 million members, processing more than $60 billion annually. Making it simple to connect and do business, the Bill.com cloud-based Payment Management Platform automates, simplifies, and controls the payments process, saving more than 50 percent of the time typically spent. Bill.com partners with leading financial institutions, more than 60 of the top 100 accounting firms, major accounting software providers including Netsuite, Intacct, QuickBooks and Xero, and is the preferred provider of digital payments solutions for CPA.com, the technology arm of the American Institute of CPAs (AICPA). Winner of more than 70 awards, Bill.com is recognized as one of San Francisco Business Times’ and Silicon Valley Business Journal’s “2018 Best Places to Work.”
Source: American Express