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Accounting & Audit

Tipalti Launches Virtual Card for Corporate Spending

The Tipalti Card functions by offering accounts payable (AP) management at scale, streamlining once burdensome processes with...

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During the company’s annual Illuminate Conference, Tipalti, an automated global payables solution, announced the general availability of the Tipalti Card, as well as its upcoming Tipalti Expenses and new third-party integrations. The Tipalti Card combines quick virtual card issuance with end-to-end supplier payments management. By bringing simplicity, convenience and security to virtual credit or debit transactions, it allows users to easily manage and control business spend, reduce costs and improve profitability. When integrated with Tipalti’s award-winning accounts payable solution, these innovations further the company’s ability to address the concerns and complexities of running the finance operation. 

“As transaction volumes continue to increase, high-velocity companies are increasingly looking to streamline inefficiencies, manage uncontrolled spending and break down silos impeding both security and visibility,” said Bar Winkler, GM of Tipalti Card and Approve. “Through the Tipalti Card, we believe we have found an answer to these pain-points and more, complete with new and innovative features that will completely reimagine how financial leaders structure their transactions.” 

While traditional cards can be fraught with complex reconciliation processes, fraud risk and spending irregularities, the Tipalti Card functions by offering accounts payable (AP) management at scale, streamlining once burdensome processes with a centralized and easy-to-use system. The card is designed to treat card transactions like other payment methods that Tipalti offers, providing customers with end-to-end payments oversight with all the advantages of traditional card payments. 

“As our company experienced rapid growth, we needed a corporate card-alternative that enables upfront controls and virtual flexibility without compromising security. Tipalti Cards is just that,” said Kathleen Simon, Executive VP of Finance at Influential, the industry leader in influencer marketing. “The Tipalti Card has saved us as much as an entire week’s worth of work. We’re now able to empower our departments and contractors with accessibility and real-time communications, in addition to providing real-time visibility to the accounting team.”

Tipalti Card Benefits: 

  • Automatic Reconciliation: Significantly reduces the finance team’s workload with automatic card payment reconciliation, as card transactions are automatically captured and processed like other payment methods. 
  • Employee Friendly: Create credit or debit cards on-demand with the right controls and approvals. 
  • Centralize Spend and Improve Visibility: Manage all purchases in one place, whether it was placed with a Tipalti Card, US ACH, Global ACH, wire transfer, PayPal, prepaid debit card or check.
  • Control Spend and Reduce Fraud: Easily issue cards with robust controls such as spend limits, vendor limits and approved categories. 
  • Cash-Back: Users earn a cash rebate for every dollar spent via a Tipalti Card. The more transactions made, the more cash-back is earned. 

Currently, while Tipalti Card customers must have a U.S. entity, the card will be accepted internationally and can be used for non-USD transactions. ERP support is compatible with NetSuite, with future Card ERP integrations coming soon.

Tipalti also highlighted its product roadmap at Illuminate, announcing it will be offering an Expense Management solution in 2023. Tipalti Expenses will simplify expense management and reconciliation by capturing, organizing and centralizing all expenses in one seamless platform. Unique to the Tipalti Card, this also includes the reimbursement (actual payments to the employee) of those expenses in the U.S. and anywhere around the world. Alongside PO management, accounts payable, cards and global payments, it enables businesses to gain even better visibility and control. The solution will simplify the employee’s flow, helping them get access to the products, services and vendors they need to get their work done. It also minimizes the necessity for employees to ask the finance team questions while still providing insight into employee requests, expenses and reimbursements. 

Additionally, Tipalti shared news on several third-party integrations coming soon which will provide customers with the ability to seamlessly aggregate data and holistically review everything from purchases and renewals to contracts in a unified environment. These integrations include:

  • DocuSign integration enables businesses to have full control and visibility into the status of the contract, including signatories, right from the Tipalti PO Management Contracts Repository. 
  • Datarails integration provides an intuitive Datarails dashboard view of Tipalti data with at-a-glance visibility into payables and expenses which improves decision making.
  • CloudEagle integration gives users intuitive visibility into SaaS spend helping finance save on software spend, while streamlining the renewal and buying process.
  • PowerBI integration enables finance users to view all Tipalti finance data in one place using a predefined dashboard or building their own, empowering users to utilize KPI’s and trends.
  • Tableau BI integration supports Tableau’sanalytics tool, making it easy for users to view and understand their data.  

To learn more about the Tipalti Card, visit https://tipalti.com/card/