BRENTWOOD, Tenn.--(BUSINESS WIRE)--Comdata, a FLEETCOR company (NYSE:FLT) and leader in corporate payment innovation, today unveiled ASAP, an automated, streamlined accounts payable solution that helps businesses eliminate the manual burden of processing invoices, paying bills and reconciling their books. Paired with a dedicated service team, ASAP is designed to work with a company’s existing accounting software to make accounts payable centralized, electronic and simple.
“Our mission is to make corporate financial operations as seamless as what we experience as consumers,” said Kurt Adams, president of Comdata’s Corporate Payments division. “Between paper checks, manual processes, fraud and fragmented tools and software – companies spend too much time and money managing accounts payable instead of growing their core business. ASAP is our solution to that problem.”
ASAP by Comdata helps growing small and mid-size companies eliminate paper and manual data entry in their accounts payable process, minimizing errors and unnecessary financial risk. Industry research shows that the cost to process and pay a single paper invoice is $17 (approximately $12 to process a single invoice and over $5 on average to process a paper check) and takes 10 business days. ASAP cuts that cost by up to 80%, while reducing the time it takes to process and pay invoices to as few as three days. ASAP clients maintain full control of their approval process, who they pay, how much and when. This new solution simply removes much of the manual effort surrounding accounts payable.
“The value ASAP brings to companies is not only in the efficiencies it enables but also the financial security it creates, the controls it enhances, and most importantly, the productivity it allows by eliminating tedious administrative tasks,” said Vijay Ramnathan, SVP of product and growth strategy at Comdata. “It’s long overdue for businesses to be able to enjoy a seamless, automated accounts payable experience that leaves them with added time and resources to focus on more important work.”
By moving to an automated, electronic payments solution like ASAP, companies can also significantly reduce the risk of check fraud – an issue that affects 3 in 4 businesses. The solution’s payment delivery methods bring cutting-edge technology that minimizes fraudulent transactions and detects suspicious activity. ASAP leverages the combined payments and invoice management solutions of Comdata and its long-time partner, AvidXchange, to meet the unique needs of growing businesses.
“There is a significant segment of companies in need of a better way to pay, but unable to find a solution that fits just right. Most existing AP solutions are designed for very small businesses or large enterprises. We believe ASAP by Comdata will provide companies that have outgrown small business status with their ‘Goldilocks’ moment,” added Ramnathan.
For more information, visit asap.comdata.com.
Comdata Inc., a FLEETCOR company, 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 partners with more than 30,000 businesses to better manage $55B in annual fleet, corporate purchasing, payroll and healthcare spending, making it the second largest commercial Mastercard provider in North America. 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.
FLEETCOR Technologies (NYSE: FLT) is a leading global provider of commercial payment solutions. The Company helps businesses of all sizes better control, simplify and secure payment of their fuel, toll, lodging and other general payables. With its proprietary payment acceptance networks, FLEETCOR provides affiliated merchants with incremental sales and loyalty. FLEETCOR serves businesses, partners and merchants in North America, Latin America, Europe, and Australasia. For more information, please visit www.FLEETCOR.com.