Skift Take
What do you do when your customers stop traveling? Diversify into procurement and expense management, of course.
Forget about travel management, because expense management is all the rage — and TripActions is the latest technology platform to join the party.
The company revealed Tuesday a new automated expense tool for its virtual card payments product, TripActions Liquid, at its Traverse 20 event. It also marks the first time it has broken ranks from its core travel product, but that’s hardly surprising considering the global standstill imposed by the pandemic.
TripActions has entered the world of expense management, a world that’s dominated by the likes of SAP Concur and Emburse, which includes Certify and Chrome River. However, TripActions claims this new tool is the first to eliminate the need for expense reports, and as a result reconciliation.
The company launched TripActions Liquid in February, securing a $500 million debt facility led by Silicon Valley Bank. This allowed corporates to issue physical Visa credit cards to their employees, but only to book travel on the TripActions platform and for spending while on the road.
With this latest expense enhancement, it's giving users the ability to pay not only for travel expenses but any item — from office equipment to software subscriptions — in recognition of the fact most staff are stuck working from home. As Skift reported earlier, desks, donuts and food deliveries are where the dollars are being directed.
TripActions also claims there’s no need to submit the dreaded end-of-month expense report, filling out online forms and taking photos
