Targeting the long-tail helps to monetize an additional ~25% of your accounts payable spend
In conjunction with Mastercard, Finexio identifies known B2B card acceptors in real time
There are a certain amount of suppliers that account for a given percentage of spend, and by preemptively sending card payments to known acceptors, we minimize the need to sell and engage
40-60% of suppliers will accept card via mail without any disruptions
As a voluntary Opt-Out model—suppliers are always in control, but you control the conversation
1. Why it Works: We target smaller spend suppliers, making the cost of card acceptance lower while providing the convenience of cards.
2. Enhanced Security: Single-use virtual cards can only be used by the payee—offering stark improvements over the security of mailed physical checks.
3. Increased Revenue Share: Virtual card eliminates printing and mailing costs of paper checks while driving additional revenue share
4. Proven Method: Card-by-mail (CBM) has been widely used in many verticals by large publicly traded companies to great success.
Finexio identifies in-scope suppliers (likely card acceptors) and allows you to modify the list
When Finexio sees a payment come through for providers targeted for CBM, Finexio will send a card via USPS in lieu of a check
Suppliers receive and process their payment as they would any other card payment
Finexio closely monitors all card by mail payments to ensure they are processed
You can always see CBM payments and their status 24/7 on Finexio’s portal
Finexio will make several attempts to reach suppliers who were mailed a card, but have not processed it
Finexio has a formal campaign and follow-up schedule to ensure payments are processed in a timely manner
Finexio tracks and records all interactions with your suppliers giving you complete transparency
If suppliers do not process the card and we are unable to reach them, Finexio will reissue that payment in form of a check and mail it
8 Calendar days after the card issued, then a follow-up if no authorization seen
12 days after issue, then a second follow-up if no authorization seen
14 days after issue, defund card and reissue a physical paper check
BAU payment task follow-ups for mailed paper checks
Subsequent payments repeat the process, still attempting card-by-mail
*Courtesy "Deloitte B2B Payments" https://www2.deloitte.com/au/en/pages/financial-services/articles/b2b-payments.html
The first letter can go out as soon as you are ready.
Finexio has found that the “push” approach has greater acceptance to virtual cards than seeking permission first. For some accounts, there is pushback to be automatically enrolled in the program, but once established, there is a high level of satisfaction with virtual cards as a preferred method of payments.
Occasionally the file Finexio procures flags a supplier as accepting Mastercard when they do not. In this case the payment will not be processed. The supplier will need to call Finexio (phone number on the letter) and we will arrange payment through other methods.
Finexio will contact the supplier 8 and 12 days after the card is issued. After 14 days the card will be defunded and a check will be mailed. A second virtual card attempt may be made with the next invoice cycle.
The letter makes it clear it is from you and summarizes invoices that they ought to recognize. It is also clear who to contact with questions. Finexio will explain the opt-out nature of the program and the benefits to the supplier.
Maximize savings and cashflow.
Minimal effort to achieve.
Gain the valuable service partner you deserve.