Business-to-business payments technology company Comdata has unveiled a new tool to streamline the process for entering suppliers’ virtual credit card details into their systems.
The Spend Escalator tool eliminates manual steps required to enroll and manage vendors’ payments, especially for midsize and large corporations whose suppliers are constantly shifting, Comdata said in a recent press release.
In tests, Comdata’s tool helped corporations double their rate of vendor-enrollment, driving a greater rate of conversion of supplier payments to virtual cards from checks and paper, according to Brentwood, Tenn.-based Comdata.
Comdata designed Spend Escalator to help corporations improve the efficiency of accounts-payable departments without taxing existing resources, said Meitra Aycock, Comdata’s vice president of product and strategy.
“We already integrate our virtual credit card system to each client’s ERP or accounting system to make the payment and reconciliation process seamless, and Spend Escalator expands this integration to not only automate payments, but to reduce the effort of managing and enrolling vendors to accept card payments,” she said.