Bill.com partners with Amex to offer new AP solution
A partnership between Bill.com and American Express will enable businesses to automate the AP process to make it easier to pay vendors using their American Express Business or Corporate Cards, reports David Penn at Finovate.
The two companies have announced a new solution, Vendor Pay, that streamlines vendor payments, improves working capital and cash conversion cycles, and gives SMEs better data for payment reconciliation.
And by relying on single-use virtual account numbers within their current Business or Corporate cards, Vendor Pay also relieves businesses of the burden of having to establish additional card accounts.
Bill.com CEO and founder Rene Lacerte says: “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 partnership will also enable Amex Business and Corporate Card members to make payments via Bill.com’s easy-to-access ACH and check/cheque services, which include real-time status updates.
Vendor Pay offers both a basic plan with core functionality and no monthly fee for the first user, as well as advanced plans with monthly fees that include features such as bill approval workflows and synchronisation with major accounting software platforms.
Bill.com closed out 2018 with news that it had achieved NACHA certification as an ACH third-party sender. The company also partnered with First National Bank of Omaha (FNBO) to provide enhanced digital business payment solutions for its SME customers.
Last fall/autumn, Bill.com announced the general availability of the automated international business payments solution that it had begun piloting over the summer.
Founded in 2006 and based in Palo Alto, California, Bill.com has raised more than $259 million in funding.
American Express reported net income of $2.7 billion in 2017 and revenues of $33.4 billion. The New York City-based global financial services company trades on the New York Stock Exchange and has a market capitalisation of $89 billion.