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American Express Teams Up with Versapay to Create a More Efficient Accounts Receivable Experience for Suppliers and Buyers
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
American Express (NYSE: AXP) has partnered with Versapay to enhance payment processing for suppliers using American Express virtual cards. This collaboration aims to accelerate cash flow and improve customer experiences in the invoice-to-cash cycle. Through Versapay’s automation solutions, suppliers can automate virtual card payment processing, leading to improved efficiency. The program also offers suppliers exclusive pricing for Versapay services, helping streamline the accounts receivable process and enhance overall payment experiences.
Positive
Collaborative partnership with Versapay enhances efficiency in payment processing.
Suppliers can automate virtual card payment processing, improving cash flow.
Exclusive pricing for suppliers referred to Versapay's AR Automation platform.
Negative
None.
Partnership Will Help Suppliers Accepting American Express Virtual Cards Get Paid Faster by Reducing Steps in Payments Process
NEW YORK--(BUSINESS WIRE)--
American Express (NYSE: AXP) and Versapay, the Collaborative Accounts Receivable company, today announced a new agreement to provide suppliers who utilize the functionality of American Express virtual cards with access to Versapay’s world-class collaborative accounts receivable (AR) network of buyers and suppliers.
Through Versapay’s leading AR automation solution American Express is helping suppliers to increase efficiency, accelerate cash flow, and dramatically improve customer experiences in the invoice to cash cycle.
“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 benefiting from these faster payments; however, the increasing volume of these transactions is making automating the receivables even more essential,” said Colleen Taylor, President, Global Merchant Services – U.S. at 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.”
The program also includes Versapay’s ePayment Delivery Service (ePDS), which eliminates email-based payment delivery and automates the processing and reconciling of virtual card payments. ePayment Delivery Service ingests, transforms, and delivers remittance data directly to suppliers. With available straight-through-processing, ePDS can fully automate virtual card acceptance.
Additionally, suppliers that are referred to Versapay’s AR Automation platform through American Express can take advantage of exclusive, preferred pricing for Versapay’s platform services. Versapay’s AR Automation platform is an end-to-end solution that streamlines and automates every part of the AR process, from invoicing to payment and cash reconciliation.
“We’re excited to partner with American Express to streamline and automate virtual card acceptance,” said Craig O’Neill Versapay. “Furthermore, 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.”
Suppliers interested in learning more should reach out to their dedicated American Express client manager for more information.
Versapay is the leader in Collaborative Accounts Receivable (AR). The Versapay Collaborative AR Network is the first solution that empowers the genius of teams by bridging the gap between suppliers and buyers through a shared, digital experience. Versapay's AR automation solutions and next-generation B2B payments network makes billing and payments easier for enterprises, increasing efficiencies, accelerating cash flow, and dramatically improving the customer experience. Versapay has offices in Toronto, Atlanta, London, Amsterdam, and Sydney, and is owned by Great Hill Partners, a Boston-based technology investment firm. Learn more at versapay.com. Join the conversation at twitter.com/Versapay and linkedin.com/company/versapay.
What is the partnership between American Express and Versapay about?
American Express has partnered with Versapay to automate payment processing for suppliers using American Express virtual cards, improving cash flow and efficiency.
How does the partnership impact American Express suppliers?
Suppliers will experience faster payments and improved efficiency through Versapay's automation solutions, along with exclusive pricing for AR services.
What rewards do suppliers get from the American Express and Versapay partnership?
Suppliers gain access to automated payment processing and exclusive pricing for Versapay's accounts receivable services, enhancing their overall payment experience.
What benefits does Versapay offer to American Express suppliers?
Versapay offers an automated accounts receivable solution that streamlines invoicing and payment processes, improving cash flow for American Express suppliers.
When was the partnership between American Express and Versapay announced?
