Extend unveils Bill Pay to streamline invoice payments

Extend has announced the launch of Bill Pay, a feature that allows businesses to pay invoices using virtual cards.

The new Bill Pay feature aims to simplify the workflow for accounts payable processes, aiding in cash flow optimisation, and enhancing security for organisations, regardless of size.

Traditional invoice payment methods often present challenges, such as the risk of lost payments, delays, and issues with real-time tracking. Additionally, keeping a credit card on file with vendors may result in problems such as overcharging or card number compromise, necessitating the finance team to take corrective action.

Danny Morrow, Extend Co-Founder and Chief Innovation Officer, commented on the new feature: "Extend gives finance teams total control over their business credit cards with the power of virtual cards. Now 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."

Extend's Bill Pay feature addresses the risks associated with leaving a single credit card on file across many vendors, such as increased vulnerability to fraud, misuse, and wrongful billing. The feature enables customers to send secure payments by providing vendors with a unique virtual card for each transaction, thereby controlling charges and preventing fraud disruptions.

The Bill Pay feature further allows businesses to manage invoice payments easily, whether individually or in bulk, while maximising credit card rewards and optimising the accounts payable workflow by minimising the use of paper cheques and tracking payments in real time. This approach contributes to an improved cash flow and budgeting process.

For Extend customers, the process involves creating and sending a virtual card via the Extend app specifically for invoice payments, viewing all invoice payments and vendor transactions through a dedicated Bill Pay section on the platform, and paying multiple vendor invoices in bulk with virtual cards.

Vendors receive a remittance email with a secure link to access the virtual card details and process the transaction as they would with any other card.

This development complements other recent enhancements from Extend, such as its integration with QuickBooks Online and the introduction of the Team Budgets feature, further establishing the platform's capabilities in spend management and payment processing solutions.