Afternoon Coffee: Coupa launches diversity and inclusion spend portal; Stampli Direct Pay debuts; JPMorgan creates smartphone card reader

Coupa, a provider of solutions for business spend management (BSM), announced the creation of a supplier portal that will make it easier for enterprises to use more diverse and inclusive suppliers in their spend. Coupa announced its new program, the Coupa Inclusion Initiative, on Wednesday.

According to a press release from Coupa, the portal will enable companies to find, select and direct spend to hundreds of thousands of suppliers. Supply chain managers can choose inclusive suppliers by region, industry and diversity classification.

Coupa partnered with organizations focused on different diversity and inclusion efforts, including the National Minority Supplier Development Council (NMSDC), Women’s Business Enterprise National Council (WBENC), Minority Supplier Development United Kingdom (MSDUK), Global Supplier Diversity Alliance (GSDA), and National Gay & Lesbian Chamber of Commerce (NGLCC).

“Businesses recognize the need for policy changes when it comes to diversity, equity and inclusion goals, such as supplier diversity programs, because of the ROI, lower operating costs, higher profits, and access to increased innovation for the company,” Rod Robinson, vice president of supplier inclusion and sustainability at Coupa, said in the press release.

“However, most companies’ supplier diversity efforts are failing in good faith because the information and technology they need to efficiently source and spend with diverse suppliers was not available. Now within the Coupa Business Spend Management platform, every company can make diversity and inclusion a strategic part of the business, rather than an afterthought.”

Stampli has new pay solution to lower fees, protect confidential info 

Stampli, an AP automation provider that brings together accounts payable communications, documentation and payments in one place, has announced the launch of its Stampli Direct Pay feature.

The goal of the offering is to facilitate payments with lower fees and with less confidential vendor information being shared. It’s an alternative to virtual credit cards, Stampli said.

More coverage: Read about developments in the hot market of payments technology.

“Our approach to payments is fundamentally different from others because we consider payments to be a commodity, not a revenue generator,” Stampli CEO Eyal Feldman said. “Payments have become a way for third parties to hold vendor information hostage and push alternate payment methods — such as virtual credit cards — for their own financial gain.

“Stampli Direct Pay is the opposite — flexible, straightforward and low-cost — with the singular goal of ensuring the entire financial process from invoice to payment to reconciliation is easy and efficient.”

Feldman gave this example: “If you pay a $5,000 invoice with ACH using Stampli Direct Pay, you’ll pay less than $1 to process that payment vs. $175 imposed on your vendors to accept virtual credit card payments.”

JPMorgan launches QuickAccept smartphone reader as competition to fintech firms Square, PayPal

JPMorgan will launch a new QuickAccept service, a smartphone card reader that is seen as a new competitor to Square or PayPal, according to CNBC.

JPMorgan’s QuickAccept will allow businesses to take card payments within minutes through a mobile app or contactless card reader and will be offered free, unlike Square and other competitors. The card reader is a hardware device that processes card payments via tap, dip or swipe, the article said.

The area has been dominated by fintech firms in recent years, but JPMorgan will aim to sell its services to millions of American small business owners, the article reported.

“Our competition either doesn’t have same-day funding, or they charge for it,” Max Neukirchen, CEO of JPMorgan’s merchant services arm, told CNBC. “We think it’s a great differentiator for businesses because getting money into their account quickly is so important as they manage their cash flow.”

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