Avid Acceptance went from 100% to 20% spend on check within the first year
Leveraging Finexio’s supplier enablement team workflow and outbounds campaigns helped move 80% of suppliers from check to electronic payment types. This saved thousands of dollars in costs associated with check spend, while gaining revenue in cash-back opportunities.
Avid Acceptance is an indirect auto-finance company that offers financing to consumers that may be going through chapter 7 or 13 bankruptcies that other credit unions or traditional banks may turn away.
Avid Acceptance was working off a cumbersome, manual process and was mailing thousands of paper checks annually. In the automotive financing industry, a lot of suppliers have been slow to implement electronic measures.
AP clerks would spend hours on cumbersome, manual tasks.
Avid Acceptance knew they must remove legacy operations in order to optimize and automate their AP spend and payments.
Accounts payable was only sending out payments through traditional paper check, which was costing a fortune each year.
Finexio modernized Avid Acceptance’s database by providing suppliers, dealerships and customers a broad range of payment operations and terms. Working collaboratively, Avid Acceptance and Finexio were able to enroll more than 100 suppliers to electronic payment methods and reduce annual paper check spend.
ACH and Virtual Card were offered as paper check alternatives that cut check spend by millions.
Finexio showcased its white glove service to increase supplier payment enrollments through virtual payment options.
Finexio took the AP payment processes off Avid Acceptance’s plate, eliminating the cost of paper checks or hiring additional staff.
Finexio modernized Avid Acceptance’s database by providing suppliers, dealerships and customers a broad range of payment operations and terms. Working collaboratively, Avid Acceptance and Finexio were able to convert 30% of all spend onto Virtual Card, and 75% of all invoices to digital payments.
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Leveraged Supplier Enablement strategy to grow Virtual Card spend from 0% to 30%
75%
75% of invoices converted to digital payments from 0%
40%
40% total supplier base converted to digital payments
