MineralTree Vendor Payments

MineralTree Vendor Payments: MineralTree describes vendor payments as the step that pays approved invoices from its accounts payable automation. It handles payment execution as part of TotalAP, along with invoice capture, coding, matching and approval.

MineralTree company profile MineralTree official website

MineralTree Vendor Payments: Vendor Payments

The company lists electronic payments, direct debit and virtual cards among the methods.

The purpose is to keep payment inside the same workflow as approval. Payment authorization and execution follow approval automatically, and dashboards and reports show status.

Virtual cards are one route that some vendors accept.

Tipalti and Corpay describe comparable payment tools.

Paying vendors electronically creates control questions. A controller would ask how vendor bank details are verified and changed.

It would ask how dual approvals work and how payments reconcile with the bank. Fees and virtual card rules vary.

The category guide for accounting and payables lists a neutral checklist. Try it with your data.

Global Payments announced in September 2021 that it would buy MineralTree, an accounts payable automation company. Press coverage put the price at 500 million dollars.

The sellers were an investor group led by Great Hill Partners,.406 Ventures and Eight Roads Ventures.

MineralTree says more than 3,000 companies and financial institutions use it to digitize approval and payment. Vendor Payments is the version built for Sage Intacct users.

The two companies describe it as paying vendor bills inside Intacct with no new logins and no separate settlement account to fund.

Because the seller is now part of a large payments company, a dealership finance office would check who holds the payment relationship and where the contract is signed.

MineralTree Vendor Payments functions
Product or service	Function
Vendor Payments	Embedded payments in Sage Intacct by virtual card, ACH or check.