American Express is continuing its ongoing efforts to encourage businesses to pay suppliers with commercial cards in its latest accounts payable partnership. The credit card firm announced Tuesday (Aug. 29) it had struck a deal with Regal Software Technologies enabling businesses on the Regal platform to pay invoices with American Express Corporate Cards.
The businesses dubbed their collaboration RegalPay Payables Automation with American Express, emphasizing it is a largely out-of-the-box offering that seamlessly links into the RegalPay accounts payable system. Users have access to virtual card capabilities from American Express, providing a single-use virtual card to pay bills.
“American Express is committed to providing holistic business-to-business payments solutions that meet the needs of our corporate clients,” said Gint Balodis, American Express global commercial payments vice president for B2B products, in a statement. “This integration allows companies to electronically pay suppliers right from their accounting software in RegalPay, simplifying and streamlining their B2B payments process.”
According to the companies, the solution can also support batch payments with automated reconciliation and data entry.
“Customers will now be able to optimize their American Express Corporate Card experience using the RegalPay solution,” added Kofi Conduah, Regal Software CEO, in another statement. “Enhanced automation, security and efficiency are at the core of RegalPay. We are excited to collaborate with American Express to offer this innovative solution to the corporate payment space.”
Earlier this month, American Express revealed another partnership with MineralTree, a similar move to position itself closer in accounts payable departments. American Express and MineralTree developed a platform to integrate American Express Corporate Cards into the accounts payable process, also by using American Express virtual card technology.
According to research from the Mercator Advisory Group, commercial cards may be common in areas of business spend such as corporate travel, but they lag behind checks, ACH and wire payments in accounts payable. Analysts often cite challenges — including a reluctance among suppliers to accept cards due to the interchange fee — as top barriers to greater commercial card use in supplier payments.