77% of Phoenix Stamping’s spend moved to digital payment methods
“Finexio’s team is in the top 1% for support…the service level and onboarding process was a big part of our success and helping our suppliers get on the right payment methods. Our team can actually take a vacation and staff no longer has to work on the weekend to enter invoices or perform check-runs. ” - CFO at Phoenix Stamping.
Phoenix Stamping is a manufacturer of metal products based in Atlanta, GA. They manufacture metal stamping, laser cutting and custom fabrication of materials, such as bolts, rods, tubes and other tools within the trailer, automotive, material handling and agricultural industries.
Phoenix Stamping was experiencing several frustrations around their existing payments process, such as physical location of work, AP team members and finance team members had to be physically together in the same location to accomplish tasks, the company’s president had to sign each physical check, and a weekly physical check run would be required to send them out.
The company president needed to sign each physical check, then a check-run would take a entire day each week to complete.
Phoenix Stamping was operating in a very manual, resource intensive approach.
Over 90% of payments were sent on paper checks annually.
Finexio provided Phoenix Stamping with white-glove service and a seamless onboarding to remove them off of their antiquated check process. Finexio’s team became a true extension of Phoenix Stamping’s team by filling the gap in the back end of the payment cycle.
Virtual Card and ACH were offered as paper check alternatives, ensuring that the Phoenix Stamping team never had to do a check-run again.
Finexio brought white glove quality of service to Phoenix Stamping’s team by performing more payments in a faster time period.
Finexio became an instant extension of Phoenix Stamping’s team, eliminating the need for check-runs and instead processing payments automatically through electronic payment methods.
All AP payments were removed from Phoenix Stamping’s plate, which freed up staff’s time to focus on other business initiatives. Finexio was to help reduce time spent on AP from 8 hours down to 3 hours, and reduce the volume of invoices paid by check by 75%, ensuring a better work-life balance for staff.
Read the Full Story75%
Reduction in invoices paid by check
22%
All invoices paid via virtual card
63%
Reduction in time spent on AP Payments
