This Spend Matters PRO Vendor Analysis provides an overview of Teampay and its P2P solution. Teampay, an upstart vendor we named a Future 5 winner in 2020, has a very particular philosophy about how electronic purchases should be made in a business environment. The vendor enables a P2P process guided by a bot that simplifies the use of the application and the collaboration between stakeholders using its web-app or collaboration tools such as Slack and Microsoft Teams.
Teampay offers the possibility of having a less controlled purchasing process in terms of where (any website) and to whom the purchase should be made (any supplier), while ensuring compliance with business rules, controlling the approval process and having visibility of available budgets.
Teampay’s vision is to have a purchase coded, validated and approved for payment prior to its completion through the use of V-cards, although it also has the ability to carry out a process of receiving, digitizing and matching an invoice prior to its payment.
Here’s why Teampay matters:
- To the market – Teampay offers an interesting middle market P2P value proposition for companies looking to control their spending on purchases, but not over control it. It’s a good option for companies using Slack and Microsoft Teams.
- To customers – Teampay’s solution is ease of use, the full process is very practical and easy to follow, the user simply follows a script (bot) either in the Teampay application or directly in Slack or Teams.
- Two potential buyers – Teampay is fast to implement and ready to use with Slack or Microsoft Teams. It has a unique way of carrying out purchases on any website with approvals controls, budget controls, cards & ACH payments and ERP integrations.
This Spend Matters PRO Vendor Analysis will give an overview of the vendor’s P2P capabilities, look at Teampay’s competitors, provide tech selection tips and close with key analyst takeaways.