In a news release on Thursday, June 29, the company stated that the new Zip Vendor Cards enable companies to expedite vendor payments while enhancing their control and visibility over expenditure.
“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,” said Rujul Zaparde, co-founder and CEO of Zip, in the release.
According to the press release, Zip Vendor Cards help finance and accounts payable (AP) teams make one-time transactions simpler by swiftly setting up virtual cards and automatically creating cards from procedures depending on approval criteria.
In order to give these teams administration over spending limits and merchant categories, card freezing and unfreezing, and card ownership transfers, the new technology connects with Zip’s Intake-to-Procure solution, according to the press release.
While efficiency is important in the present economic context, firms cannot afford to jeopardize accuracy or compliance for the sake of convenience, according to Zaparde’s message. Because of this, we provide our customers with a user-friendly, completely compliant Vendor Cards solution that makes it simple for them to automate their payment processes.