Comdata Launches ASAP Solution to Help Growing Businesses Automate Accounts Payable
June 21 2018 - 9:00AM
Business Wire
ASAP makes paying bills at work as simple as
paying bills at home, allowing companies to focus time and
resources on their core business operations
Comdata, a FLEETCOR company (NYSE:FLT) and leader in corporate
payment innovation, today unveiled ASAP, an automated, streamlined
accounts payable solution that helps businesses eliminate the
manual burden of processing invoices, paying bills and reconciling
their books. Paired with a dedicated service team, ASAP is designed
to work with a company’s existing accounting software to make
accounts payable centralized, electronic and simple.
“Our mission is to make corporate financial operations as
seamless as what we experience as consumers,” said Kurt Adams,
president of Comdata’s Corporate Payments division. “Between paper
checks, manual processes, fraud and fragmented tools and software –
companies spend too much time and money managing accounts payable
instead of growing their core business. ASAP is our solution to
that problem.”
ASAP by Comdata helps growing small and mid-size companies
eliminate paper and manual data entry in their accounts payable
process, minimizing errors and unnecessary financial risk. Industry
research shows that the cost to process and pay a single paper
invoice is $17 (approximately $12 to process a single invoice and
over $5 on average to process a paper check) and takes 10 business
days. ASAP cuts that cost by up to 80%, while reducing the time it
takes to process and pay invoices to as few as three days. ASAP
clients maintain full control of their approval process, who they
pay, how much and when. This new solution simply removes much of
the manual effort surrounding accounts payable.
“The value ASAP brings to companies is not only in the
efficiencies it enables but also the financial security it creates,
the controls it enhances, and most importantly, the productivity it
allows by eliminating tedious administrative tasks,” said Vijay
Ramnathan, SVP of product and growth strategy at Comdata. “It’s
long overdue for businesses to be able to enjoy a seamless,
automated accounts payable experience that leaves them with added
time and resources to focus on more important work.”
By moving to an automated, electronic payments solution like
ASAP, companies can also significantly reduce the risk of check
fraud – an issue that affects 3 in 4 businesses. The solution’s
payment delivery methods bring cutting-edge technology that
minimizes fraudulent transactions and detects suspicious activity.
ASAP leverages the combined payments and invoice management
solutions of Comdata and its long-time partner, AvidXchange, to
meet the unique needs of growing businesses.
“There is a significant segment of companies in need of a better
way to pay, but unable to find a solution that fits just right.
Most existing AP solutions are designed for very small businesses
or large enterprises. We believe ASAP by Comdata will provide
companies that have outgrown small business status with their
‘Goldilocks’ moment,” added Ramnathan.
For more information, visit asap.comdata.com.
About COMDATA
Comdata Inc., a FLEETCOR company, is a leading provider of
innovative payment and operating technology that drives actionable
insights from spending data, builds enhanced controls and
positively impacts its clients’ bottom lines. The company partners
with more than 30,000 businesses to better manage $55B in annual
fleet, corporate purchasing, payroll and healthcare spending,
making it the second largest commercial Mastercard provider in
North America. Founded in 1969 and headquartered in Brentwood,
Tennessee, Comdata employs more than 1,300 professionals across the
U.S. and Canada. To learn more about Comdata, visit
www.comdata.com.
About FLEETCOR
FLEETCOR Technologies (NYSE: FLT) is a leading global
provider of commercial payment solutions. The Company helps
businesses of all sizes better control, simplify and secure payment
of their fuel, toll, lodging and other general payables. With its
proprietary payment acceptance
networks, FLEETCOR provides affiliated merchants with
incremental sales and loyalty. FLEETCOR serves
businesses, partners and merchants in North
America, Latin America, Europe, and Australasia. For
more information, please visit www.FLEETCOR.com.
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For ComdataJosh Raymond, 615-376-8790jraymond@comdata.com
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