Although the application of modern technology has significantly revolutionized financial management for consumers, the impact has not been as significant for businesses. With existing accounting systems not being able to easily integrate with all the other systems a company needs, companies are burdened with a wide array of limitations and inefficient processes – especially when it comes to managing accounts payable. As a result of the continuous usage of outdated, paper-driven payment methods, companies incur not only additional costs to process transactions but also experience losses due to manual errors and fraud.
Addressing the need of the modern businesses for automated financial management systems is Tennessee-based Comdata, a subsidiary of FLEETCOR Technologies. Through relentless innovation, Comdata is delivering next-generation financial solutions to reduce the friction in B2B financial transactions. With more than 50 years of experience in the industry, Comdata always to aims to solve the unmet financial needs of businesses.
Comdata provides automated accounts payable solutions for companies of all sizes that are seamless and compatible with nearly every accounting system. For small and medium enterprises (SMEs), Comdata provides it’s ASAP (Automated Streamlined Accounts Payable) solution, which is designed to make paying the bills at work as simple as it is at home. ASAP removes the burden of invoice processing, bill payment and accounting reconciliation.
Similarly, Comdata offers its ConnectPay solution for larger companies that have more sophisticated accounting needs. ConnectPay is an integrated payables software that allows corporate AP groups to quickly and efficiently make all vendor payments in a few simple steps. Payments via check, ACH, wire and virtual credit card can all be made at the same time, saving AP team’s hours of manual effort.
At the heart of all of Comdata’s accounts payable solutions is the company’s market-leading virtual credit card system, which delivers funds between buyers and suppliers using the Mastercard network or the company’s proprietary network, ComdataDirect. “Our virtual credit card program, like all our solutions, is designed to meet very specific customer needs.
We focus on bringing automation and better data and insights to clients,” mentions Vijay Ramnathan, Senior Vice President of Product and Growth Strategy, Comdata.
Kurt Adams, President of Comdata’s Corporate Payments division, offered one of Comdata’s clients as an example of how they help companies improve payments. He shares the story of a large construction company based in Cleveland, Ohio, that was paying most of its invoices with paper checks. Comdata was able to help the company eliminate roughly 2,500 paper check payments each year while implementing new purchasing and fuel card programs. All of which integrate with the company’s accounting system to make reconciliation and reporting easy. That company can attribute $260,000 in direct bottom line improvement to Comdata’s payment technology thanks to hard cost savings and rebates on card purchases.
Our mission is to offer modern businesses a better way to pay
An accomplished financial technology provider, Comdata is striving to further increase connectivity between the various financial tools that companies use in an effort to make the payments process easier and more efficient. The company’s virtual credit card platform also supports several other major FinTechs in the market who use Comdata’s infrastructure for their payment system. “Our mission is to offer modern businesses a better way to pay,” concludes Adams. “We do that not by building products, but by offering technology and support services that help companies build world-class payment programs.”