No, your current accounting system remains in place. Your current accounting system produces a file that is then uploaded to our SaaS portal ( FTP, WebServices, or Manually)
No, we are not extending you credit. Companies need to have the necessary funds already in their bank accounts to pay a supplier with our virtual credit card offering that traverses the Visa/Mastercard "rails"
No, our offering is on the Accounts Payable side of the equation. Merchant fees are for companies that are setting up things so they can accept Visa and MasterCard from their customers. Our product charges nothing and gives back a percentage of customers payables that end up utilizing the virtual credit card option to pay their suppliers .
Banks do not automate their customer's Accounts Payables (i.e process checks/ACH payments for you) .. We do .. We are an outsourced certified Accounts Payable team that focuses 100% on Accounts Payables. Banks have a completely different focus. Some banks white-label our software for the very reason of Accounts Payables not being their core competency
No, all monies are controlled by the customer and they never touch our account. Funds go from customer/your account/bank to supplier account/bank. We are the software in the middle that helps our customers determine the payment of choice (i.e check, ACH, virtual credit card) and automates everything via our portal/dashboard
Because we too benefit from the Visa/MasterCard cash-back program.
Typically, No. This solution gives finance departments the opportunity to leverage their employee's talents in other more important areas of the finance department vs having them waste time on the more "time wasting" tasks
Just over 25 years
According to the US Department of Treasury, companies are 125 times more likely to encounter an issue with a paper check than they are with an electronic payment
30%-40% on average. Kaiser Associates study showed that 82% of suppliers accept a card when their customer mandates it. This gives us the ability to speak to suppliers on behalf of customers (with their permission) to raise the "acceptance" average up.
Yes. We are the only solution that offers both Visa and Mastercard virtual card options
Seem-less and non-intrusive. Our customers hand us a file that is generated from their accounting system (ERP) and its automatically uploaded to a portal environment