American Express (NYSE: AXP) announced on Tuesday it has teamed up with Bill.com to launch its new project, Vendor Pay. According to American Express, Vendor Pay couples automating your accounts payable (AP) process with the ability for businesses to pay vendors with their American Express Business or Corporate Card, without the hassle of setting up a new card account.
American Express also reported that the new solution streamlines vendor payments, along with improving working capital and cash conversion cycles, and provides better data for payment reconciliation, all while helping businesses earn the rewards of the card.
“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.”
Speaking about the solution and partnership, E-Bai Koo, Executive Vice President, American Express Global Commercial Services, stated:
“As businesses grow in size, their accounts payable needs become more complex, driven by more vendors and more invoices. 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.”
Rene Lacerte, CEO and Founder of Bill.com, added:
“The Bill.com and American Express partnership is a powerful combination of two innovators and leaders in business payments. 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.”