American Express and Bill.com Introduce Vendor Payment Solution
American Express and Bill.com have announced a strategic partnership that launched the payment solution American Express Vendor Pay by Bill.com. The solution couples automating the accounts payable (AP) process with the ability for businesses to seamlessly pay vendors with their American Express Business or Corporate Card, without having to set up a new card account.
The companies say that the solution streamlines vendor payments, improves working capital and cash conversion cycles, and provides better data for payment reconciliation, while helping businesses earn the rewards of the Card. In one 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.
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 cheque services. Once users enrol, they can begin to make payments through a 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 fee that provides additional benefits including bill approval workflows, synchronisation with accounting software, and designated roles and permissions.