PayEm, a global procurement and spend management company, recently announced a new integration with American Express (NYSE: AXP).
The integration allows American Express Corporate and Business Card Members “the ability to create and distribute on-demand virtual Cards to employees, freelancers, candidates, or other authorized users for business payments and expenses in PayEm’s platform using their existing American Express Card account.”
Itamar Jobani, CEO and Co-Founder at PayEm, said:
“We are teaming up with American Express to give our customers access to the control, enhanced security, and cash flow management that come with using an American Express virtual Card, alongside the visibility and control customers gain from PayEm’s Spend Management and Procurement Platform. The integration helps us provide an elevated user experience and more value to our customers.”
With the American Express Integration, Card Members can:
- Help automate reimbursement filing for employees by giving them on-demand virtual Cards for one-time or recurring expenses such as meals, business travel, or office supplies.
- Establish specific controls for each on-demand virtual Card payment, including spending limits, expiration dates, and allowed merchant categories.
- Pay suppliers using on-demand virtual Cards and take advantage of their American Express billing cycle to manage cash flow for their business until their Card payment is due.
- Earn the rewards of their eligible American Express Card when they use on-demand virtual Cards for business payments.
- Pay with enhanced security by removing the need for merchants to see or store their underlying American Express Card account number.
As noted in the update, PayEm is “a global spend management and procurement platform that automates the entire Request to Reconciliation process.”
The PayEm platform is “pre-integrated into ERPs, organically developed, and designed to meet the needs of finance and procurement departments.”
PayEm puts controls in place “that optimize the methods in which employees spend money and gives finance and procurement teams enhanced visibility to drive process efficiencies, reduce risk, and help lower operating costs that contribute to business growth.”
