Comdata, a Tennessee-based B2B payment solution provider, has unveiled a new virtual credit card technology that will allow customers to automate vendor management functions.
The new Spend Escalator technology will allow virtual credit card (or ePayables) clients to eliminate the manual effort associated with enrolling and managing vendors in their programme.
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The tool will support in enrolling merchants and convert spend volume at nearly double the average rate of other Comdata clients. It will also help in cost reduction by minimizing costly check payments.
Comdata senior vice president of product and strategy Vijay Ramnathan said: “We are a technology company first and foremost. And when it comes to accounts payable automation, we focus our development on easy administration and vendor enrollment, because we believe those are the two biggest drivers of a successful program.
“A lot of firms and banks sell virtual credit cards, but our mission is to help clients build a world-class ePayables program. Spend Escalator is our latest innovation in support of that mission.”
Comdata vice president of product and strategy Meitra Aycock said: “We already integrate our virtual credit card system to each client’s ERP or accounting system to make the payment and reconciliation process seamless. Spend Escalator expands this integration to not only automate payments, but also reduce the effort of managing and enrolling vendors to accept card payments.”
