Partnership Will Help Suppliers Accepting American Express Virtual Cards Get Paid Faster by Reducing Steps in Payments Process
NEW YORK—May 10, 2022—American Express (NYSE: AXP) and Versapay, the leader in Collaborative Accounts Receivable, 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, CEO of 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.
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 on Twitter and LinkedIn.
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