Zip, the world’s leading intake-to-procure platform, launched Zip Vendor Cards, an advanced corporate card solution that enables rapid vendor payments while strengthening control and visibility into spend. Zip Vendor Cards is purpose-built for easy adoption by employees, so businesses can effortlessly issue virtual cards for recurring and one-time purchases. Leveraging Zip’s best-in-class no-code workflow platform, finance and accounts payable (AP) teams can create virtual cards with one click for one-off purchases or automatically generate cards from workflows based on approval conditions such as purchase price, spend category or vendor. In tandem with Zip’s industry-leading Intake-to-Procure solution, Zip Vendor Cards gives businesses a unified, highly compliant solution to automate purchase requests and approvals from initial intake to issuing payment.
“Efficiency is essential in economy, yet businesses can’t afford to jeopardize accuracy or compliance for the sake of speed. That’s why we’re making it easy for our customers to streamline their payments processes with our intuitive, highly compliant Vendor Cards solution,” said Rujul Zaparde, co-founder and CEO of Zip. “Zip Vendor Cards, in combination with Intake-to-Procure or Intake-to-Pay, safely accelerates the entire procurement process via flexible intake and approval workflows, so finance teams can spend less time manually processing payments and more time analyzing and optimizing their spend. Vendor Cards is the next step in a long line of Zip innovations aimed at creating easy-to-use experiences that modernize spend controls for employees as well as for finance and procurement teams.”
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Zip Vendor Cards delivers speed and convenience for employees while providing finance and procurement teams a central platform to maintain their card programs. Business users can leverage Zip Intake-to-Procure to initiate and collaborate on vendor approval processes. Once all necessary cross-functional approvals are completed, the Zip platform can automatically issue single-purpose virtual cards and log general ledger (GL) codes and other accounting information directly in the business’s enterprise resource planning (ERP) system. Business users can instantly use virtual cards after creation, and the finance and accounting teams who authorized the card can maintain complete control over spending limits and merchant categories, as well as easily freeze and unfreeze cards or transfer ownership when cardholders move roles.
Most importantly, Zip’s virtual cards are incredibly easy for employees and finance teams to adopt. Employees follow the same intuitive intake and approval workflows they use for larger or more complex purchase requests, so they get a no-training-required interface and seamless intake-to-pay experience. Plus, because intake is easy for employees to adopt, collection of required purchase, vendor and payment information is all completed upfront, so finance team approvers can immediately validate, approve and generate virtual cards knowing they have strong controls in place.
SOURCE: Businesswire