Amex and digital business payments firm Bill.com announced a strategic partnership along with the rollout of Vendor Pay, an automated accounts payable product that will allow businesses to use certain Amex credit cards within a Bill.com solution.
The product will also provide a more seamless and secure vendor payment experience through the use of single-use virtual account numbers with an existing Amex Business or Corporate Card.
A basic plan provides core functionality with no monthly fee for the first user. Advanced plan features like bill approval workflows, synchronization with accounting software, and designated roles and permissions are also available for a monthly fee.
Also see: CEO Spotlight: René Lacerte of Bill.com
Amex is a long-time investor in Bill.com through Amex Ventures.
But Mastercard also made waves in the business payments space today.
San Francisco-based startup Brex announced today it will issue the World Elite Mastercard for Business, equipped with an enhanced rewards structure and a suite of travel benefits. Current Brex cardholders will be switched over to the World Elite program this month a company representative said, giving startup founders access to additional personalized-premium rewards.
In a statement, Brex CEO and Founder Henrique Dubugras touted the flexibility of his company’s card-issuing technology, and he also hinted at Brex’s intent to expand beyond credit cards specialized for startups. “We are focused on continuously improving the Brex platform to be the best corporate card for all businesses,” he said.
Mastercard’s World Elite program bolsters an existing rewards program for Brex cardholders with access to a luxury hotel and resorts program, emergency travel assistance, travel and rental car insurance, and other perks. Cardholders will also receive enhanced anti-fraud benefits such as purchase protection and ID theft protection benefits offered by Mastercard.
The new card will be issued by Emigrant Savings Bank.