American Express and MineralTree, an accounts payable provider, have teamed up to streamline accounts payable processes by providing a platform that incorporates the American Express Corporate Card into accounts payable workflows.
Many companies pay their suppliers with paper checks, which can lead to inefficiency, lack of effective financial controls and exposure to various forms of payment fraud, the companies claim. This solution available on the MineralTree platform, embeds American Express virtual card payments, offering the security of American Express virtual card technology.
It also enables organizations to streamline the supplier payment process while receiving the benefits of paying by card, including earning statement credits or rewards points, increasing working capital, and optimizing cash flow.
“At American Express, we are focused on helping businesses to plan, execute and efficiently manage their business-to-business payments processes,” Gint Balodis, vice president of B2B Products and Solutions at American Express Global Commercial Payments, said. “MineralTree offers a powerful solution for our clients to manage their supplier payments and this integration will further improve the supplier payments workflow from beginning to end.”
In addition, the MineralTree platform offers payment security features such as two-factor authentication, two-factor payment verification, and payment limits.
“Growing middle market companies are always looking for ways to improve cash flow and bring greater efficiency to their financial operations, one of the easiest ways to do so is by streamlining AP and converting more check spend to commercial cards,” MineralTree Founder and CEO BC Krishna said. “We are delighted to be collaborating with American Express to offer our solution to their vast network of card members.”