Today in B2B payments, Jeeves discusses the evolution of expense management, and MerchantE explores the opportunity for eInvoicing to drive B2B eCommerce growth. Plus, Airbase debuts its standalone small business bill payment tool, Plate IQ launches its expense management and corporate card solution, and OneSource Virtual taps Mastercard to power payroll cards and invoice payments.
Expense management is no longer just about enabling employees to pay for coffee and Uber rides while on a business trip. With professionals working across borders, global business spend is growing more complicated. Jeeves Co-Founder Dileep Thazhmon discussed taking an infrastructure approach to combating friction.
B2B commerce may be pursuing the Amazon-like experience, but invoices remain a critical component of B2B payments — and a key divergence from the journey of a B2C shopper. MerchantE CEO Mike Rouse discussed opportunities for the eInvoice to evolve for both buyers and sellers as B2B trade migrates online.
Expense management technology company Airbase, which is focused on small and medium-sized businesses (SMBs) introduced Bill Payments+, an offering that is available on its own, according to a Thursday (June 3) announcement. Airbase said it is the first spend management program to provide a separate subset of its accounts payable (AP) offering. It has the capacity to provide this kind of offering as it has developed the functionalities that finance workforces, which support as many as 1,000 staffers, need to replace their legacy bill payment technologies.
Hospitality-focused accounts payable (AP) automation platform Plate IQ has introduced The Plate IQ Card, which was made to satisfy the particular expense management requirements of “every hospitality business and entrepreneur,” according to a Thursday (June 3) announcement. “Corporate card programs until now have not addressed the unique needs of hospitality organizations,” Plate IQ CEO and Co-Founder Bhavuk Kaul said in the announcement. “They’ve tended to focus on rewards programs without optimizing for the needs of CFOs and controllers managing multiple departments and multi-location teams. We created The Plate IQ Card to give every business a user-friendly way to control spend across an entire organization.”
OneSource Virtual has picked Mastercard as its partner network to power two of its new services, a press release said on Thursday (June 3). Those services are the Invoice Pay and myFlex Payroll card. Invoice Pay, according to the release, allows for the payment of supplier invoices for finance and accounting customers, allowing them just one way to pay and process invoices. ACH, wire, check and virtual cards are included payment capabilities. Customers will also be able to take advantage of more fraud protection, invoice reconciliation and a payment optimization engine that works with supplier payment preferences.