Morgan & Morgan
177% increase in electronic payment acceptance.
Finexio's services quickly improved upon Morgan & Morgan's bank programs—yielding a 177% increase in electronic payment enrollment.
Finexio customer since
2017
Morgan & Morgan, based in Orlando, is a leading plaintiffs' firm, working for the people, with more than 300 attorneys in nearly 40 offices in 10 states. The firm represents clients in many practice areas, ranging from personal injury, labor and employment, and medical malpractice to class actions and mass torts.
Before Finexio
The Challenges
Prior to choosing Finexio for streamlining supplier payments to reduce costs and create revenue within their AP department, Morgan & Morgan utilized a bank program to manage supplier payments, yielding middling to poor success rates in enrollment.
Poor Enrollment Rates
A middling bank program provided poor success rates in supplier enrollment.
Narrow Supplier Targeting
Only the top portion of their suppliers were being targeted—leaving a large chunk of would-be value.
Supplier Relationships
It was also vital that increased supplier enrollment efforts don't sacrifice how their suppliers were treated.
With Finexio
The Solutions
Morgan & Morgan chose Finexio because of it's intelligent technology's ability to identify incremental enrollment opportunities.
Comprehensive Targeting
While the prior bank program only targeted the top 20%—Finexio took a wholistic approach, targeting 100% of eligible suppliers.
Immediate Enrollment Uptick
Using intelligent targeting methods, quick wins brought swift ROI.
De-Duplicate Payments
Finexio's payments network instantly identified six-figures worth of duplicate payments—quickly eliminating the issue.
$160k
Savings and revenue generated by eliminated paper check costs.
$116k
Savings generated from reduction of duplicate payments.
58%
First-year % increase in digital payment enrollment, creating a corresponding reduction in time-spent by the back office.
Interested in learning about how your organization can leverage Finexio's AP Payments as a Service?
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