Comdata, a FLEETCOR company (NYSE:FLT) and leader in corporate payment innovation, announced today that it has entered into an agreement with Bill.com, the leading digital business payments company. Through the agreement, Comdata will serve as the companys virtual credit card provider, as Bill.com continues to digitize business-to-business payments.
Bill.com was founded with a mission to make business payments for small and medium businesses simple. As businesses and their suppliers continue to embrace digital business payments, virtual credit cards offer another option for removing paper from the supplier back-office, said Ren Lacerte, Founder and CEO of Bill.com. Were excited to have Comdatas expertise and capabilities in automating more and more of our customers supplier payments.
More than 50 percent of corporate B2B payments are still made by paper checks, according to a recent AFP survey. Virtual credit card payments offer an efficient, alternative way forward “ minimizing the costs, time and manual labor associated with paper-based processes. Through the new agreement, Bill.com will be able to add to its existing arsenal of payables options a virtual credit card backed by Comdatas industry-leading scale and expertise.
Comdata and Bill.com couldnt be more aligned in terms of our broader mission “ to make business payments simple and straightforward, so businesses can focus on their core operations, said Kurt Adams, Group President of Comdatas Corporate Payments division. We are thrilled to join with Bill.com in helping more companies B2B payments function capture the paperless, automated standards of the 21st century through our world-class virtual credit card program.
Comdata Inc., a FLEETCOR company (NYSE: FLT), is a leading provider of innovative payment and operating technology that drives actionable insights from spending data, builds enhanced controls and positively impacts its clients bottom lines. The company supports more than 30,000 businesses to better manage $55B in annual fleet, corporate purchasing and payroll spending. Globally, Comdata is Mastercards largest issuer of virtual credit cards for corporate purchasing. Founded in 1969 and headquartered in Brentwood, Tennessee, Comdata employs more than 1,300 professionals across the U.S. and Canada. To learn more about Comdata, visit www.comdata.com.
Bill.com is the leading digital business payments company with a network of 3 million members, processing over $60 billion annually. Making it simple to connect and do business, the Bill.com cloud-based Payment Management Platform automates, streamlines, and controls the payments process, saving more than 50 percent of the time typically spent. Bill.com partners with four of the top 10 largest U.S. banks, more than 60 of the top 100 accounting firms, major accounting software providers including Netsuite, Intacct, QuickBooks and Xero, and is the preferred provider of digital payments solutions for CPA.com, the technology arm of the American Institute of CPAs (AICPA). Winner of more than 70 awards, and recognized as one of San Francisco Business Times and Silicon Valley Business Journals 2018 Best Places to Work, Bill.com has raised over $200 million in funding with the most recent investment round led by JP Morgan Chase and Temasek.
ICR for Comdata
Group for Bill.com