Stampli, a leader in Accounts Payable (AP) automation, today launches Stampli Direct Pay, an extension of its AP Automation platform that will enable companies to pay invoices from inside the Stampli platform via ACH or check from their own bank accounts. Paying by check or ACH avoids imposing credit card processing fees on vendors. Unlike other AP vendors, Stampli focuses on simplifying the accounts payable process from start to finish vs. maximizing payment transaction fees. Stampli Direct Pay is completely optional and Stampli will not require customers to use its payments offering nor will customers have to surrender their vendor payment information, instead retaining full ownership of vendor relationships and data.
“Our approach to payments is fundamentally different from others because we consider payments to be a commodity, not a revenue generator,” said Eyal Feldman, CEO, Stampli. “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.”
Key differentiators of Stampli Direct Pay include:
- Individual ACH Payment Reconciliation: For the first time, companies can effectively reconcile payments with bank statements. Stampli will not withdraw money from a company’s bank in one lump sum, instead, there will be one withdrawal for each invoice-related payment, saving financial professionals hours of time cross-referencing.
- Customers Own Vendor Relationships & Data: Stampli removes the friction between companies and their vendors by providing a vendor portal for better collaboration where vendors can ask questions about an invoice or update their payment information. Stampli customers retain full ownership of their vendor data which is accessible at any time.
- Customers Select Payment Method: Stampli will make it easy for customers to pay how they want, using their own bank account for checks and ACH or paying outside of Stampli Direct Pay with other methods.
- Painless Paper Checks: Stampli automates sending physical checks from a company’s own bank account, handing the printing and mailing, with the added bonus of using the authorized signer’s signature.
- Simplified payment runs: Stampli provides easy access to all relevant details and supporting documents for seamless payment approvals.
Stampli has raised $32 million in funding to date, has offices in Mountain View, Nashville, Kiev, and Tel Aviv, and processes over $13 billion worth of invoices each year. Stampli has been placed in the Leader Quadrant for Best AP Automation Software by G2 for the past five consecutive quarters.
Stampli is a complete AP automation platform that brings together accounts payable communications, documentation, and payments in one place. By centering communications on top of the invoice itself, AP departments collaborate and communicate better with approvers, vendors, and anyone involved with purchases, which allows approvals to happen 5x faster. Stampli’s AI, Billy the Bot, learns an organization’s unique patterns to simplify GL-coding, automate approval notifications, identify duplicate invoices, and reduce time spent on manual data entry. Stampli’s flexible platform fits seamlessly into any existing processes and integrates with financial systems including NetSuite, Sage Intacct, QuickBooks, Microsoft Dynamics, SAP, and more. For more information, visit stampli.com.