American Express Teams Up with Versapay to Create a More Efficient Accounts Receivable Experience for Suppliers and Buyers
May 10 2022 - 9:23AM
Business Wire
Partnership Will Help Suppliers Accepting
American Express Virtual Cards Get Paid Faster by Reducing Steps in
Payments Process
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.
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the full release here:
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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.
About American Express
American Express is a globally integrated payments company,
providing customers with access to products, insights and
experiences that enrich lives and build business success. Learn
more at americanexpress.com and connect with us on
facebook.com/americanexpress, instagram.com/americanexpress,
linkedin.com/company/american-express, twitter.com/americanexpress,
and youtube.com/americanexpress. Key links to products, services
and corporate responsibility information: charge and credit cards,
business credit cards, travel services, gift cards, prepaid cards,
merchant services, Accertify, Kabbage, corporate card, business
travel, and corporate responsibility.
About Versapay
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.
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Jim Billimoria American Express jim.billimoria@aexp.com
American Express (NYSE:AXP)
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