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Finexio's services quickly improved upon Morgan & Morgan's bank programs—yielding a 177% increase in electronic payment enrollment.
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.
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.
A middling bank program provided poor success rates in supplier enrollment.
Only the top portion of their suppliers were being targeted—leaving a large chunk of would-be value.
It was also vital that increased supplier enrollment efforts don't sacrifice how their suppliers were treated.
Morgan & Morgan chose Finexio because of it's intelligent technology's ability to identify incremental enrollment opportunities.
While the prior bank program only targeted the top 20%—Finexio took a wholistic approach, targeting 100% of eligible suppliers.
Using intelligent targeting methods, quick wins brought swift ROI.
Finexio's payments network instantly identified six-figures worth of duplicate payments—quickly eliminating the issue.
Savings and revenue generated by eliminated paper check costs.
Savings generated from reduction of duplicate payments.
First-year % increase in digital payment enrollment, creating a corresponding reduction in time-spent by the back office.
AP Payments as a Service.
