American Express and Bill.com Introduce Vendor Pay, a New Streamlined, Automated Approach to Accounts Payable
February 05 2019 - 8:30AM
Business Wire
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 rewards1 of their Business or Corporate Card and improve
working capital.
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.
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 and connect with us
on facebook.com/americanexpress,
instagram.com/americanexpress,
linkedin.com/company/american-express, twitter.com/americanexpress,
and youtube.com/americanexpress.
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cards, travel services, gift cards, prepaid
cards, merchant services, Accertify, corporate
card, business travel, and corporate responsibility.
About Bill.com
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.”
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version on businesswire.com: https://www.businesswire.com/news/home/20190205005193/en/
Media:AMERICAN EXPRESSPatrick
Jonespatrick.jones2@aexp.com
SUTHERLANDGOLD GROUP FOR BILL.COMNicole
Newbybill.com@sutherlandgold.com
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