Efficiency is essential in today’s economy, yet finance and procurement teams can’t afford to jeopardize accuracy or compliance for the sake of speed.
That’s why we are excited to announce Zip Vendor Cards — an intuitive corporate card solution that enables rapid vendor payments while improving spend visibility and control. Now, customers can effortlessly issue virtual cards for recurring and one-time purchases. Zip Vendor Cards, in combination with Intake-to-Procure or Intake-to-Pay, takes advantage of our flexible intake and approval workflows to eliminate manual review steps that burden finance and procurement teams.
People say time is money. If that’s true, then the time spent manually processing cards is essentially like throwing money down the drain. Typical card issuing processes require finance and procurement teams to manually track down all the information necessary to approve and complete a payment to a vendor. That’s a lot of time wasted that could be spent elsewhere.
Businesses need a modern solution that proactively sources all required information for every purchase. By starting that process at the point of initial request intake, Zip automates much of the information gathering that is traditionally required for card issuing, preventing bottlenecks from forming when finance and procurement approvers need to track down receipts or vendor data.
As an add-on for either Zip Intake-to-Procure or Intake-to-Pay, Zip Vendor Cards enables finance and accounts payable teams to 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.
Key features of Vendor Cards include:
The Zip Vendor Cards solution is purpose-built to improve visibility and control of spend while significantly accelerating vendor payments. How do we know? After implementing Vendor Cards, one of our customers decreased the time it takes to create virtual cards from 20-30 minutes per card to under 2 minutes. For an average of 60 transactions on virtual cards per week, that’s a time savings of a thousand or more hours per year — valuable time that can now be reallocated to more strategic initiatives.
Using Vendor Cards, the same customer was able to remove the need for manual cross-functional coordination. With detailed audit trails and the time saved from intake, the team could then focus on analyzing their overall spend and providing valuable, proactive insights to management.
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