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Worldwide Produce went from $150M+ to $0 in annual check payments from day one.
Worldwide Produce is a leading distributor of the highest quality fresh fruits, vegetables, dairy products, and specialty foods to local restaurants, chains, hotels, golf courses, entertainment venues and catering facilities across the Western United States.
Upon assessing their accounts payable, it became clear that the use of manual, paper-based processes presented an opportunity for modernization and savings, but an effective solution was not necessarily clear.
Over $150M AP spend on paper checks.
AP processes heavily manual
CFO spent hours signing checks each week.
They decided to partner with Finexio, embracing new technology with the goal of streamlining their AP processes and improving supplier communication.
Finexio’s supplier enablement and support team developed a tiered supplier segmentation analysis and outreach strategy to increase digital payment adoption.
Multi-touch campaigns to suppliers promoted the importance of electronic conversion with Virtual Card as the primary choice and ACH as a secondary option in order to move as much spend off of paper checks as possible.
100% of supplier spend targeted, opening up greater opportunity for early payments and cash back.
total AP spend moved to electronic payment methods
in annual AP spend processed by Finexio
invoices paid
AP Payments as a Service.
