Stampli launches Stampli Direct Pay to bolster B2B Payments
By Pavithra R
California based Stampli, a global leader in Accounts Payable (AP) Automation has announced the launch of Stampli Direct Pay, an extension of its AP Automation platform to enable companies to pay invoices from inside the Stampli platform via ACH or check from their bank accounts.
Unlike other Accounts Payable vendors, Stampli focuses on simplifying the AP process from start to finish vs. maximizing payment transaction fees. Paying by check or ACH avoids imposing credit card processing fees on vendors. Stampli Direct Pay is an optional service with maximum payment flexibility. It does not require customers to use its payments offering nor will customers have to surrender their vendor payment information; instead, customers are empowered with full ownership of vendor relationships and data with no middle man interference.
“Our approach to payments is fundamentally different from others because we consider payments to be a commodity, not a revenue generator. Payments have become a way for third-parties to hold vendor information hostage and push alternate payment methods – such as virtual credit cards – for their own financial gain. Stampli Direct Pay is the opposite – flexible, straightforward, and low-cost – with the singular goal of ensuring the entire financial process from invoice to payment to reconciliation is easy and efficient. For example, if you pay a $5,000 invoice with ACH using Stampli Direct Pay, you’ll pay less than $1 to process that payment vs. $175 imposed on your vendors to accept virtual credit card payments. Vendors are your partners, not your enemies,” said Eyal Feldman, CEO, Stampli.
Key differentiators of Stampli Direct Pay include:
- Streamline payment runs: provides easy access to all relevant details and supporting documents for seamless payment approvals.
- Easy ACH reconciliations: Batch process ACH payments with individual transaction reconciliations in the bank statement.
- Painless paper checks: Automatically print and mail physical checks from a company’s bank account, using authorized signer’s signature. Especially relevant for WFH.
- Customers select payment method: Stampli will make it easy for customers to pay how they want, using their bank account for checks and ACH or paying outside of Stampli Direct Pay with other methods.
- Customers own vendor relationships & data: Provides vendor portal for better collaboration where vendors can ask questions about invoices or update their payment information. Stampli customers retain full ownership of their vendor data which is accessible at any time.
Founded in 2014, Stampli is a complete AP automation platform that brings together accounts payable communications, documentation, and payments in one place. The company has raised $32 mn in funding to date and processes over $13 bn worth of invoices each year.
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