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Comdata Announces Patent-Pending Expansion of its Virtual Credit Card Technology
Clients can now automate vendor management functions and drive greater value from electronic payments
(BRENTWOOD, Tenn.) – Comdata, a B2B payment technology company and one of the largest virtual credit card issuers in the world, has unveiled its new Spend Escalator technology. The company recently filed for patent protection related to the new tool that allows virtual credit card (or ePayables) clients to eliminate the manual effort associated with enrolling and managing vendors in their program.
The typical virtual credit card program requires companies to manually manage vendors in their ERP or accounting system, which is difficult and time consuming for mid-market and enterprise level clients with large, frequently changing vendor lists. The result is payments programs that do not deliver the value they should and companies continue using costly paper checks and inefficient processes.
“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."
“We are a technology company first and foremost,” said Vijay Ramnathan, senior vice president of product and strategy at Comdata. “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.”
In our testing, Spend Escalator helps enroll vendors and convert spend volume at nearly double the average rate of other Comdata clients. The improvement lead to greater cost reduction by reducing costly check payments, much less manual work for finance staff and higher rebates because of more spend volume on card.
“We know most AP shops have too much to do with not enough resources.” said Meitra Aycock, vice president of product and strategy. “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.”