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Bill pay blog hero_update June 2024Bill pay blog hero_update June 2024

Paying vendors has never been this easy.

Bill pay_preview image 2024
Bill pay_preview image 2024

Paying vendors has never been this easy — or rewarding.

Don’t let manual vendor payments hold you back.

Managing and paying vendors is still painfully manual and paper-based for many businesses. Using disparate systems to budget, track, and approve spend is all too common and leaves finance teams scrambling at month-end to reconcile payments. Not to mention that 81% of companies still use paper checks and invoices to pay vendors often resulting in data entry errors and late payments.*

Modern businesses deserve a better, more scalable solution for managing vendor relationships and payments. One that combines the speed and accuracy of AI advancements with the control and rewards offered by virtual credit cards and other modern payment methods.

So that’s exactly what we’ve built for every Brex customer with Brex bill pay.

Streamline vendor payments and control every dollar spent.

Our bill pay software makes it easy to automate your AP process end to end, automating invoice capture, line itemization, bill drafting, PO matching, and multi-level approvals, saving your AP team hours and increasing accuracy. Bill pay is integrated with our total spend platform, so you can budget, approve, and track every type of spend in one place — something unique to Brex’s AI-powered spend platform.

With bill pay, you also get complete flexibility and control over how you fund payments. You can spin up a Brex virtual card in one click and pay by card to maximize your rewards, or send ACH, checks, and wires worldwide from any bank account. As always, a Brex business account is the fastest way to make payments and is available with up to $6M in FDIC coverage in Brex’s free plan.

Bank-accounts
Bank-accounts

Onboard vendors faster and more accurately.

We know vendor relationships matter, so Brex bill pay also makes vendor onboarding easier and more accurate. It’s as easy as emailing vendors a secure link to self-onboard, where they can enter their payee details such as account and routing numbers. Say goodbye to manual data entry and the risk of human error and hello to accurate payment details and simplified payments at scale. Only with Brex.

Vendor details
Vendor details

Automate bill drafting with 10x greater accuracy.

Companies that use Brex bill pay’s invoice-capture technology are saving hours each month with up to a 10x lower error rate compared to manual entry. Automate bill drafting by forwarding invoices by email or by dragging and dropping invoices directly into Brex. Vendors can even mail invoices right to your Brex inbox. Then, Brex uses powerful LLMs to scan data from your invoices, read itemized lines for easier GL coding, and auto-populate all required details — with over 90% accuracy that you can edit as needed.

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bill-pay-blog_june2024-update

Automatically match invoices to the right POs.

Brex AI will also match your imported invoice to an open PO in your ERP via our two-way accounting integrations, helping to simplify the procure-to-pay process and further automate accounting.

Brex customers process hundreds of invoices every week and rely on PO matching to help prevent fraud and automate compliance. If Brex AI can’t find a match, Brex will display the open POs associated with that vendor for manual selection.

Plus, AP managers can manually search for POs when processing an invoice. Just type in a few characters or the vendor name, and Brex will surface key PO inputs like PO number, date, and amount for AP Manager review. If a PO already has some spending attributed to it, Brex will surface the remaining amount available. Brex customers report massive gains in efficiency by streamlining this process, rather than having to manage them separately.

Start benefiting from Brex bill pay today.

Using Brex bill pay will bring unprecedented efficiency and visibility to your financial operations. No other provider offers this level of AI-powered automation and total spend integration. And best of all, you can turn all your vendor spend into rewards when you pay by Brex card.

We can’t wait for you to try it! To learn more, sign in and chat with Brex or contact your account rep. Not a customer yet? Let’s change that! Contact us to get started.

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See what Brex can do for you.

Learn how our spend platform can increase the strategic impact of your finance team and future-proof your company.

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