Extend unveils Bill Pay to boost virtual card invoice payments

Extend has introduced a new Bill Pay feature designed to streamline invoice payments for businesses using virtual cards.

The virtual card and spend management platform Extend announced the Bill Pay feature to simplify accounts payable operations, enhance security, and optimise cash flow for companies. With potential benefits such as maximising credit card rewards, the feature aims to address common challenges faced by finance teams when using traditional payment methods.

According to the company, traditional payment processes often lead to lost payments, delays, and difficulties in real-time tracking when invoices are paid by cheque. Maintaining a business credit card on file with several vendors can also present risks; overcharging or compromised card numbers require finance teams to halt payments, dispute fraud, and replace cards with all vendors, risking supply chain disruptions. Extend's Bill Pay is touted as a solution for these challenges, leveraging the control and security of virtual cards for paying vendor invoices.

Danny Morrow, Extend Co-Founder and Chief Innovation Officer, said, "Extend gives finance teams total control over their business credit cards with the power of virtual cards. With Bill Pay, they can get the same benefits when they settle invoices with virtual cards. Bill Pay delivers a more efficient and secure way to control spending, simplify reconciliation, save time, and introduce more flexibility into the AP process."

A key feature of Extend's Bill Pay is the ability for customers to send secure payments to vendors with unique, secure payments that minimise fraud and misuse risks. This feature also facilitates the management of invoice payments, whether individually or in bulk, while maximising card programme rewards. Furthermore, it seeks to improve the accounts payable workflow by reducing paper cheque usage and enhancing cash flow management through real-time payment tracking.

For Extend customers, the Bill Pay feature enables creating and distributing virtual cards via the Extend app specifically for invoice payments. Users can access the new Bill Pay section of the platform to view all invoice payments and vendors, offering improved transaction visibility. Additionally, users can process multiple vendor invoices in bulk using virtual cards.

Vendors benefit by receiving a remittance email containing a secure link to the virtual card details, allowing them to charge the virtual card as they would a typical card transaction.

Extend's Bill Pay feature complements other recent platform enhancements, including integration with QuickBooks Online, a Team Budgets feature, and expanded expense management capabilities. These enhancements aim to increase the value for businesses leveraging the Extend platform.