American Express and Versapay have announced a new partnership to provide suppliers who use the functionality of American Express virtual cards with access to Versapay’s collaborative accounts receivable (AR) network of buyers and suppliers.
Through Versapay’s AR automation solution, American Express is helping suppliers increase efficiency, speed up cash flow, and significantly improve customer experiences in the invoice to cash cycle.
The program includes Versapay’s ePayment Delivery Service (ePDS), which helps eliminate email-based payment delivery while automating the processing and reconciling of virtual card payments. ePDS transforms and delivers remittance data directly to the suppliers and with available straight-through processing, it can automate virtual card acceptance.
American Express suppliers can also decide whether to receive subsidized implementation or a discount on Versapay’s offering for three years and streamlined onboarding for Versapay’s Collaborative AR Network and AR automation solutions.
“Through this program, companies automatically become part of Versapay’s Collaborative AR Network, making it easy for them to take advantage of our advanced AR automation technology that improves cash flow and drives efficiency,” said Alex Hoffmann, executive vice president of payments and partnerships at Versapay.
The company says that Versapay’s Network makes billing and payments simple for buyers and sellers via online cloud collaboration, by reducing costs and helping eliminate paper, cheques, and manual business processes.
“Business buyers are increasingly turning to virtual cards to make faster, more efficient payments, while giving them flexibility and better cash-flow management. Suppliers are benefitting from these faster payments, however, the increasing volume of these transactions is making automating the receivables even more essential,” said Colleen Taylor, president of Merchant Services U.S. American Express. “Our collaboration with Versapay will enable us to offer a fully automated acceptance experience and further support our supplier network while helping to improve the B2B payments process.”
Suppliers interested in learning more can reach out to their dedicated American Express client manager to get more information.