Frequently Asked Questions

General

How does Finexio ensure accuracy in supplier-buyer transactions and relationships?
  • We perform Know-Your-Customer (KYC) on our customers and suppliers that are paid electronically
  • We also leverages third party services like Lexis Nexis, Plaid, and Microbilt to validate company information and bank accounts to ensure account validation
How does Finexio benefit customers' suppliers?
  • Suppliers are paid faster and more securely
  • Suppliers have many options on how and when to be paid, ensuring there is a payment for everyone
  • Suppliers gain peace of mind by knowing when their payments will arrive via online reporting.
How does Finexio know who and how to pay?
  • We analyze our customers supplier list against a number of payment networks to determine the best way to pay those suppliers
  • Our technology uses internal and external data on payment method preference to fill in contact and company data gap
What value does Finexio add for their customers?
  • Manual AP payments cost between $6-$10 per payment and take 10 hours per week
  • Payments with Finexio cost nothing and take no time
  • Phone calls from suppliers are eliminated by 24/7 online "Fedex" style tracking
Who is Finexio, what do they do?
  • We are defining the category of "AP Payments as a Service"
  • We pay 100% customer's invoice better, faster, cheaper than they can do internally
  • White glove service means more free time for CFO, Controllers, and AP managers
How can Finexio do this so affordably?
  • We employ Automation Technology and robots, not people, to pay your bills
  • Most suppliers already accept electronic payments
  • Financial Institutions pay Finexio to create more electronic connections to eliminate friction and reduce fraud
How hard is it to Implement?
  • Finexio instantly works with any Accounting or ERP system
  • Average time to launch is 6 weeks
  • There is nothing to install and no IT resources required

Security

Is this secure?
  • We host our servers in a fully encrypted isolated private network hosted within Heroku on Amazon Web Services
  • Data is encrypted in transit and at rest and the network can only be accessed from Finexio provisioned machines located at our Orlando, FL IP address
  • Finexio staff must pass criminal background checks, and do not have access to your money or bank accounts
  • All of our inbound and outbound calls with suppliers are recorded and transcribed for compliance and security purposes.
Does Finexio store or process card information in customer transactions?
  • We do not store or process credit card or bank account information from their customers or suppliers
  • This limits opportunity for data security impact

Suppliers

What if I'm not the right person to authorize enrollment, but I know who is?

Please call us at 321-270-0213 or email at SupplierSuccess@Finexio.com. If you already know and can provide the right contact information, those details will be entered into the supplier payments portal and the new contact will receive a confirmation email to login to their account.

How much does the program cost?

The program is free for suppliers to participate in. The cost per transaction depends on your current contract with your bank or merchant acquiring organization. Your normal credit card processing fees will apply when the virtual card is processed.

What if I can't process credit cards, can I still participate?

Yes, we have the ability to help set up any suppliers with alternative electronic payment acceptance methods.

What level of support will I receive?

A supplier success number is available 24/7 to support your inquiries at 321-270-0213,where you can leave a voicemail that will be responded to within 48 hours. Additionally, you can email a member of the supplier payments team at SupplierSuccess@Finexio.com

Can I access my payment activity and history online?

Yes, access to all your payment history and current transaction activity is available through our self-service supplier portal. Once enrollment is completed you will besent an invitation and instructions for activating your account.

What if a transaction fails?

If you are unable to process the card, please call Finexio at 321-270-0213 or email at SupplierSuccess@Finexio.com. Please have your card number available for our team to be able to provide assistance.

Why should I move away from paper check?

Electronic payments like virtual card work to improve daily working capital by increasing cash flow due to expedited receivables. Virtual cards improve on the inefficiencies of paper checks, that come with addressing, mailing, tracking,remittance, etc.

Paper checks also hold the highest end-to-end cost, between $4 and $10, and often higher. Electronic payments are more secure as check fraud and postal service reliability are growing issues, with an average of 75% of organizations experiencing check fraud each year.

What is the Supplier Payment Program?

The Supplier Payment Program is an electronic accounts payable process that enables suppliers to receive ongoing payments with a single-use card number delivered via email. Suppliers receiving payments enter the card number into their card payment system each time an invoice is paid. The card number is valid for one payment only and expires after each use.

What is a virtual card?

A virtual card is a single-use, non-reloadable, digital card issued to a supplier via email. It includes a secure payment number that uses the same network as a debit or credit card transaction. Virtual cards have less risk and costs associated than issuing check orACH, plus they’re easily accepted by any supplier already accepting cards through their bank or merchant services provider.

How do I process a virtual card?

Simply enter the email you provided during the enrollment process to open the secured card. Then, enter into your point-of-sale (POS) terminal the 16 digits displayed on the card. If your POS terminal requires the CVV or expiration date, those will also be provided on the card after opening it. The payment will process as soon as the information is entered, and you will receive payment within your standard credit/debit card settlement process

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