SAN FRANCISCO - June 3, 2021 – Airbase, provider of the leading spend management platform for small to midsize companies, today announced that its Bill Payments+ product is now available as a standalone offering, for a game-changing accounts payable experience.
Airbase is the first spend management platform to offer a standalone breakout of its accounts payable product, and is able to do so because it has built out all the best-of-breed features that finance teams supporting up to a thousand employees need to replace their legacy bill payment solutions. Bill Payments+ users will also enjoy limited access to Airbase corporate card and employee reimbursements capabilities, giving them the opportunity to experience the benefits of a full spend management platform, while offering a simple path to upgrade as they scale.
Airbase sees accelerating demand for a modern accounts payable solution to address a particularly burdensome and resource intensive aspect of getting the books closed. Airbase serves as a full command and control center for all payment types for domestic and international payments (checks, ACH, corporate cards, international wires, and vendor credits), and automates the full AP process from request and approval to booking transactions to the general ledger. With everything in one place, accounting teams find ways to shift payments to cards to earn cash back and make their operation more efficient.
The Airbase Bill Payments+ product offers all the functionality of best-of-breed legacy solutions, while rejecting their narrow approach to accounts payable and adding broader functionality:
AP automation: With simple and powerful bill payments and vendor management, features include smart invoice ingestion via dedicated invoice inbox & OCR, auto-categorization, payment scheduling, and amortizations. It includes automated approval workflows that can be configured to reflect company policies.
A new revenue stream: Airbase allows customers to use virtual cards to make bill payments that would normally be paid by check or ACH. In addition to payment timing and convenience benefits associated with virtual cards, Airbase also provides corporate card-level cashback to customers, a massive opportunity to reduce the cost of AP operations. No other bill payment product in the market offers this benefit.
Modern user experience: Finance and accounting teams have so far had to deal with legacy bill payment solutions with poor user experience and design. Airbase delivers a more modern UX and design that we are all used to within the applications we use frequently in other areas of work.
Centrally manage all business expenses: Airbase is the only spend management platform that truly delivers on the promise of consolidating and automating all non-payroll spend. Bill Payments+ gives access to Airbase virtual cards, physical cards, and employee expense reimbursements, as a first step to full spend management. Each payment type comes with automated approval workflows, accounting automation, and real-time reporting built in.
“Our accounts payable solution has been a core part of our spend management platform since we launched in 2018,” said Thejo Kote, Founder and CEO at Airbase. “We’re delighted to introduce Bill Payments+, which we believe delivers a significantly better experience to AP teams. We’re excited to take on the likes of Bill.com and others, and we don’t believe any other spend management company has the depth of functionality that they could even consider selling a standalone bill payments solution.”
The news comes as an exciting development for Airbase, who in the past few weeks has announced the availability of employee expense reimbursements and international payments capabilities within its spend management platform.
Migration from a legacy AP solution is simple, and Airbase has practical tools to make the entire process quick and easy. Bill Payments+ is available from Airbase direct or through its partner community.
To learn more about the Airbase Bill Payments offering, please visit: www.airbase.com/modules/ap-automation
Airbase also hosts “Off the Ledger”, a Slack community for over 1,600 finance professionals that’s a private space for networking, advice and members-only events. Finance professionals only can apply for membership at: www.airbase.com/off-the-ledger
