Using digital disbursement technology, Vendor Pay automates the accounts payable process
Radnor, PA, March 25, 2021 – BM Technologies, Inc. (NYSE American: BMTX, BMTX.W), one of the largest digital banking platforms in the country, has launched Vendor Pay to simplify the accounts payable process and optimize procurement with a digital disbursement solution. By automating the payment process, Vendor Pay generates revenue through a monthly share for spend and eliminates extra time and costs by reducing the hours required for manual processes.
Each year, colleges and universities process hundreds of thousands of payments across multiple campuses. Without a streamlined process, invoices and physical checks can get lost, compromising security and delaying payments. By fully integrating disbursements into enterprise resource planning systems, Vendor Pay helps companies save resources, gain control through automation, and enhance visibility.
The virtual payments process mirrors the manual check workflow, but in a fraction of the time, producing substantial department-wide savings. Added controls ensure that single-use payments can only be processed by the designated vendor for a specific amount and spend controls prevent accidental overages.
Additionally, detailed customized reporting makes reconciliation easy and manual errors are virtually eliminated. By implementing Vendor Pay, companies will gain clear insight into their cash flow, eradicate spreadsheets, promote collaboration between teams and have constant access to payment status. Vendor Pay is offered in partnership with PayClearly.
“Our company is founded upon a dedication to extraordinary customer service and we are excited to unveil new technologies to simplify the accounts payable process,” said Luvleen Sidhu, Chair, CEO and Founder of BM Technologies, Inc. (BMTX). “BankMobile Disbursements has been highly successful in securely disbursing refunds to students and we are proud to expand that technology further to support higher institutions through Vendor Pay.”
For more information about Vendor Pay, please visit: https://bankmobiledisbursements.com/vendorpay/.