Amex, Bill.com launch virtual payments for vendors
American Express and Bill.com have launched a system to handle the accounts payable process plus the ability to pay vendors through virtual account numbers.
Vendor Pay allows companies to automate bill paying to vendors without the need to set up a new card account, while also improving working capital, cash conversion cycles and providing data for payment reconciliation.
The new payment method also allows companies to earn rewards points through their existing Amex business card.
“As businesses grow in size, their accounts payable needs become more complex, driven by more vendors and more invoices,” E-Bai Koo, executive vice president of American Express Global Commercial Services, said in a Tuesday press release. “As a partner to businesses around the world, we strive to make it easier for customers to get business done."
Through an online dashboard, Vendor Pay allows American Express business and corporate card holders to pay their company’s bills through the use of unique, single-use virtual account numbers with their existing card.
In addition to paying vendors via virtual account numbers, the partnership with Bill.com will also provide American Express cardholders the option to pay with Bill.com’s ACH and check services. Once users enroll, they can begin to make payments through a navigation bar and view real time status updates.
“The Bill.com and American Express partnership is a powerful combination of two innovators and leaders in business payments,” Rene Lacerte, CEO and founder of Bill.com, said in the release. “American Express business and corporate card members will now have a central platform for managing digital business payments via Bill.com."
The long-term partnership with Bill.com, is a product of the Amex Ventures capital arm of the company having been a financial investor in Bill.com for many years.