What is Vic.ai Payments
How it works: Payments is an AP payments solution that is fully integrated with the rest of the Vic.ai platform. Payments handles the complexities of vendor payment on behalf of our customers.
- Maintain a ‘Vendor Network’: Leveraging a vendor's preferred payment method across customers and securely manages this sensitive information.
- Accelerate time from initiation to pay: In the US, vendors are commonly paid by check. This adds costs not only to the customer but also to the vendors who have to either manually cash the checks or pay banks to do it on their behalf. Often, vendors are willing to trade off getting slightly less money for getting it faster. Thus, Vic.ai does vendor outreach, offering vendors options to be paid digitally by
- ACH which lets them get paid faster and doesn’t have the same associated costs as cashing a check
- Or virtual card which lets them get cash fast without sharing bank details
- Pay any way: Allows a user to say “pay vendor X”, without needing to know how the vendor wants to be paid (check, ACH, virtual card, international).