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Vendor cards are here: A modern virtual card solution to accelerate vendor payments
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3 min read

Vendor cards are here: A modern virtual card solution to accelerate vendor payments

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. 

Remove Payment Bottlenecks

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. 

Modernize Your Payments Workflow

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:

  • Simplified accounting: Zip Vendor Cards collects coding and vendor information from intake, so all transactions are automatically coded and reviewed before they get to finance. Zip also allows the setup of multiple entities in accounting, which saves the pain of inter-company transfers.
  • Best-in-class approval engine: Zip Vendor Cards leverages Zip’s intelligent workflows and powerful process orchestration to streamline complex, cross-functional approvals. Teams can leverage pre-built workflows or adapt workflows themselves with a flexible, no-code experience.
  • User-friendly receipt handling: Admins can configure what type of transactions require receipts based on transaction amount. Additionally, cardholders can simply forward a receipt via email, versus downloading and uploading documents.
  • One-click card creation: Zip Vendor Cards offers maximum ease of use for employees — just one click will generate an active card for immediate use. Each card for employees is tied to the related Zip request for complete audit and approval details. Admins can also easily create one-off cards with one click.
  • Automated ERP integrations: Zip provides industry-leading integrations and sync capabilities for leading ERP solutions. When a bill is approved, Zip automatically syncs approvals to a user’s ERP system. Once paid, the transaction record is also synced.

Strong, Efficient Spend Controls

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.

Ready to put Zip Vendor Cards into action and modernize your vendor payment processes? Book a demo or reach out to us at info@ziphq.com.

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