American Express is joining forces with collaborative accounts receivable (AR) provider Versapay to help its clients improve the AR process.
According to a Tuesday (May 10) news release from Versapay, the partnership will give suppliers who use American Express virtual cards access to Versapay’s AR network of buyers and suppliers, providing a completely automated acceptance experience.
“Business buyers are increasingly turning to virtual cards to make faster, more efficient payments while giving them flexibility and better cash-flow management,” said Colleen Taylor, president of American Express’ U.S. Global Merchant Services. “Suppliers are benefiting from these faster payments; however, the increasing volume of these transactions is making automating the receivables even more essential.”
Versapay said the program also includes access to its ePayment Delivery Service (ePDS), which does away with email-based payment delivery and automates virtual card payment processing and reconciliation.
PYMNTS worked with Versapay on “The Strategic Role Of The CFO,” a report that, among other things, examined accounts payable (AP) and AR modernization.
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Close to 93% of American companies with at least $25 million in revenue reported that they were integrating digital technologies into their accounting operations.
The factors behind this wave of AP/AR digital transformation are familiar in a few ways. For example, the pandemic provided a motivational boost to upgrade invoicing and payment practices that have long been bogged down by inefficiencies and manual and paper-based processes, including a major reliance on paper checks.
However, the innovations taking place in finance offices are about more than just upgrading organizational efficiency and productivity. Chief financial officers (CFOs) have begun taking a wider view of AP/AR modernization — a view that is more comprehensive, strategic and customer-driven.
Our research found that payments are no longer just seen as a back-office function to be dealt with long after a contract or purchase order is signed. Rather, CFOs think of seamless and effective payment capabilities as vital to gaining new customers, maintaining long-term loyalty and speeding cash flow.