AP Copilot FAQs
General Overview
What is AP Copilot?
AP Copilot is the world’s first smart payment assistant designed from the ground up to help you make payments effortlessly while maximizing cashback and cash flow.
What challenges does AP Copilot help me with?
AP Copilot automates payments to suppliers while maximizing cash-back opportunities. AP Copilot puts the power back in Accounts Payable hands as it works with your existing systems and does not require you to outsource payments to banks or high-cost processors.
What kind of productivity gains should I expect with AP Copilot?
Your productivity gains will vary depending on current level of automation but our customers should expect over 50% reduction in busywork.
Payments & Transactions
What payment methods does AP Copilot support?
opilot supports virtual card payments and ACH payments in the United States. AP Copilot supports virtual card payments and local rail payments in over 20+ currencies globally as well.
What type of Virtual Cards does AP Copilot support?
AP Copilot supports single use virtual cards (privacy cards), vendor cards designated for use with specific vendors (lodge cards), and multi-use virtual cards perfect for batch payments.
Does AP Copilot provide physical cards?
No, AP Copilot does not provide physical cards at this time.
Does AP Copilot support physical check payments?
No, AP Copilot does not support physical check payments at this time.
Can I use my own corporate credit cards?
AP Copilot will provide you with credit cards as well as competitive cash back rates so you need not use your corporate credit cards.
How long does it take for ACH Payments to clear?
ACH payments typically clear within 1 business day
What is your vendor card acceptance rate?
AP Copilot customers can assume 40% - 50% card acceptance from integrated suppliers. This is 10x what the average business is able to pay on a card today.
Can AP Copilot provide real-time payment status?
Yes, AP Copilot uses Straight Through Processing with vendors when able to provide real time payment status. We also poll the transactions on a regular basis providing near real-time status when Straight Through Processing is not available by vendors.
Do all my vendors need to be setup before making a batch payment?
AP Copilot will review the batch payments requested and prompt you to setup vendor details prior to releasing payments.
Which currencies does AP Copilot work in?
AP Copilot allows you to manage wallets in 22 currencies and make payments in over 100 currencies. The currencies for the wallets include but are not limited to the United States: USD; Canada: CAD; Australia: AUD; New Zealand: NZD; Hong Kong: HKD; China: CNY; Singapore: SGD; Indonesia: IDR; Japan: JPY; Denmark: DKK; United Kingdom: GBP; Europe: EUR.
How does FlexPay work?
With FlexPay, AP Copilot pays your vendors per the required payment terms, and you pay AP Copilot back when ready in up to 60 days.
Compliance, Security & Banking
Are my payments FDIC insured?
Yes, the transfers to AP Copilot are insured for up to the FDIC max allowable per customer.
Does AP Copilot have all the required compliances and money transfer licenses?
Yes, AP Copilot is PCI compliant and partners with banks that provide use of all required licenses in the United States as well as 20+ currencies around the world.
Do I need to setup a new bank account with AP Copilot?
No, AP Copilot holds your funds in a segregated custodial account so you do not have to set up another bank account.
What form of identification do I need to provide to open an account?
For the US only wallet, we require a government ID, which is normally a license or a passport.
** For international wallets, if it is a US citizen signer, we need an SSN and government ID. If it is a non-US citizen signer, we will need a passport. **
Integrations & Setup
Does AP Copilot integrate with my accounting systems?
Yes, AP Copilot integrates with all accounting systems via flat file configuration and exchange. We will customize the file to meet your needs.
Instructions for Updating and Loading Credit Card Details on Vendor’s portals
- Access the Vendor Portal:
Begin by logging into your vendor portal and entering the credit card details that have already been issued on AP Copilot portal. - Confirm Update in AP-Copilot:
Once the card details are successfully updated in the vendor portal, navigate back to the AP-Copilot portal. Locate the designated button and click it to notify your team that the card has been updated successfully in the portal:- Navigate to Vendor Accounts: From the main menu, locate and select “Vendors Account” on the left-hand side.
- Find the Vendor: Search for the specific vendor in the list and identify them.
- Edit Vendor Details: In the “Action” column, click on the Edit icon
- Change Status: Scroll down to the section labeled “External Setup Complete (on Vendor Portal)” Locate the bottom slide toggle and move it to the right to indicate that the setup is complete.
- Confirm Setup Completion: Return to the Vendor Accounts page on AP Copilot, verify that the Portal Setup indicator has turned green confirming the process is complete.
- Load Funds to the Card
After completing the above steps, you can proceed to load funds onto the card. Keep in mind that the specified amount will be deducted once the vendor processes the transaction.
Pricing
How much does AP Copilot charge?
Sustainability
What are AP Copilot’s carbon emissions?
AP Copilot uses AWS for data centers and offices that are in Net Zero building hence day to day carbon emissions are zero.
How can carbon emissions be zero? Are these calculations accurate?
As of July 2024, Amazon announced that it now powers its operations with 100% renewable energy. In 2020, Amazon became the largest corporate buyer of renewable energy in the world, with 401 global renewable energy projects, achieving 85% renewable energy usage across corporate offices, fulfillment centers, and AWS data centers, supporting millions of customers worldwide. This includes 164 utility-scale wind and solar projects contributing to the energy grids where Amazon operates. When carbon emissions are reported as "zero," it doesn’t necessarily mean no energy is being used. Instead, it means that all the energy consumed by Amazon during a specific time period is matched by the renewable energy they’ve purchased or produced.
For example, Amazon might use electricity from the grid, which could include both renewable and non-renewable sources (like coal or natural gas). However, they buy enough renewable energy—such as wind or solar power—from other sources to counterbalance or "offset" the emissions produced by their total energy use.
In essence:
- Energy consumption still happens, but Amazon ensures it buys enough clean, renewable energy to cover all that usage.
- This balance of energy usage and renewable energy purchases makes the net carbon emissions equal to zero.