- American Express (NYSE: AXP) and Versapay have announced a partnership. These are the details.
American Express (NYSE: AXP) and Versapay, a company known for their popular Collaborative Accounts Receivable technology, announced a new agreement to provide suppliers who utilize the functionality of American Express virtual cards with access to Versapay’s collaborative accounts receivable (AR) network of buyers and suppliers. And 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.
This 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. And ePayment Delivery Service ingests, transforms, and delivers remittance data directly to suppliers. With available straight-through processing, ePDS can fully automate virtual card acceptance.
Plus 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.
KEY QUOTES:
“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. 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.”
– Colleen Taylor, President, Global Merchant Services – U.S. at American Express
“We’re excited to partner with American Express to streamline and automate virtual card acceptance. 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.”
– Craig O’Neill, CEO of Versapay
