Electronic Payments FAQs

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.

• We are defining the category of "AP Payments as a Service"
• We pay 100% of our customers invoices better, faster, and cheaper than they do internally
• The white glove service means more free time for CFO's, Controllers, and AP managers

In exchange for getting paid faster you agree to a 2% discount on the total cost of your invoice. This discount is in line with credit card fees but with the additional benefit that you get paid much earlier for the goods that you have provided or services delivered.

Careful planning and well-designed controls and policies need to be in place to safeguard that information flow and protect the systems from malicious data or actors.  Endpoints not only need to be secured but the data needs to be sufficiently encrypted to protect it while in transit and at rest.  Prevention is the first line of defense while detection and response are essential to minimize any breaches of defense. Finexio has implemented these frameworks and policies to achieve the highest level of network security and monitoring: 

Firewalls

Firewalls are utilized to restrict access to systems from external networks and between systems internally. By default, all access is denied, and only explicitly allowed ports and protocols are allowed based on business needs.  Each system is assigned to a firewall security group based on the system’s function. Security groups restrict access to only the ports and protocols required for a system’s specific function to mitigate risk.

• Required encrypted HTTPS communication from clients to platform using:
• Military Grade Encryption: RSA 2048 bits keys - Supports TLS 1.2 or 1.3 - SHA-256 - HTTP Strict Transport Security (HSTS)
• Routine monitoring of firewall and IDS logs and configurations
• Routine review of user access to the production environment‍
• Regular Vulnerability Scanning - provides comprehensive and accurate results to proactively identify and remediate potential areas of attack and reduce risk‍
• Incident Response - for security event logging, orchestration, and response along with Intrusion Detection and Prevention

Our infrastructure guards us against common exploits done by common attacks, such as DDoS, Spoofing and Sniffing, and Port Scanning. Finexio utilizes application isolation, operating system hardening restrictions, and encrypted connections to further ensure risk is mitigated at all levels.

The letter makes it clear it is from you and summarizes invoices that they ought to recognize.  It is also clear who to contact with questions. Finexio will explain the opt-out nature of the program and the benefits to the supplier.

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1. What is the MasterCard Payment Program

The MasterCard Payment Program is an electronic accounts payable process that enables suppliers to receive ongoing payments with a single-use card number delivered via physical mail or 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.

2. What is this MasterCard payment that I received?

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

3. What does one of these payments look like?

4. 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 MasterCard Payment is processed.

Data Centers 

Amazon has many years of experience in designing, constructing, and operating large-scale data centers. This experience has been applied to the AWS platform and infrastructure. 

Finexio’s physical infrastructure is hosted and managed within Amazon’s secure data centers and utilize the Amazon Web Service (AWS) technology. Amazon continually manages risk and undergoes recurring assessments to ensure compliance with industry standards. Amazon’s data center operations have been accredited under:

• ISO 27001
• SOC 1 and SOC 2/SSAE 16/ISAE 3402 (Previously SAS 70 Type II)
• FISMA Moderate
• Sarbanes-Oxley (SOX)

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.

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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.

1. How do I process a MasterCard payment?

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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2. What if a transaction fails?

If you are unable to process the card, please call Finexio at (407) 232-9138 or email at cardservices@finexio.com. Please have your card number available for our team to be able to provide assistance.

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3. 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.Call Finexio at (407) 232-9138 to complete enrollment and you will be sent an invitation and instructions for activating your account.

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4. Can I receive the MasterCard payment via email instead of through the mail?

Yes, contact Finexio at (407) 232-9138 and provide a valid email for Finexio to receive the MasterCard payments through email.

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5. How frequently will I receive a MasterCard payment as a form of payment?

If the MasterCard payment is accepted then all future payments will be in the MasterCard Payment method.

Finexio will contact the supplier 8 and 12 days after the card is issued.  After 14 days the card will be defunded and a check will be mailed.  A second virtual card attempt may be made with the next invoice cycle.

No. You are being offered the opportunity to get paid faster for already submitting your invoices electronically. This allows your customer to process them faster and for you to be paid faster. Continue to submit your invoices in the same way.

All payments are made electronically directly into your bank account meaning the end of paper checks and the cost of processing them.

Occasionally the file Finexio procures flags a supplier as accepting Mastercard when they do not.  In this case the payment will not be processed.  The supplier will need to call Finexio (phone number on the letter) and we will arrange payment through other methods.

• Finexio works instantly with any Accounting or ERP system
• Average launch time is 6 weeks
• Nothing to install and no IT resources required

1. Why should I move away from paper check?

Electronic payments like a MasterCard payment work to improve daily working capital by increasing cash flow due to expedited receivables.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.

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2. What level of support will I receive?

A supplier success number is available 24/7 to support your inquiries at (407) 232-9138, 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 cardservices@finexio.com.

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3. How long will it take for my MasterCard payment to reach me?

a. Card by Mail method: 3-5 days via US First Class mail.

b.Card by Email method: 1-3 days via secure link emailed to your inbox.

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Finexio has a stringent vendor management policy. We perform a comprehensive security review of all vendors to ensure that they adhere to best-in-class security practices. Finexio ensures that client data is going to be handled securely with our trusted partners. 

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.

No, this has no impact on your credit rating. This is simply a way for you to get paid faster in exchange for a reasonable discount.

1.  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. For inquiries, contact us at (407) 232-9138.

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2. How can I opt out of receiving MasterCard payments?

You are able to opt-out by calling Finexio’s Supplier Enablement team at (407) 232-9138.

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3. What are my other payment options if I want to opt out?

Other payment methods available after opting out of the MasterCard Payment program include ACH, wire, electronic check, and paper check.

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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

• Manual AP payments cost between $6-$10 per payment and take an average of 10 hours per week
• Payments with Finexio cost $0 and take no time
• Phone calls from suppliers are eliminated by 24/7 online tracking

Finexio has found that the “push” approach has greater acceptance to virtual cards than seeking permission first.  For some accounts, there is pushback to be automatically enrolled in the program, but once established, there is a high level of satisfaction with virtual cards as a preferred method of payments.

24/7 monitoring of IT networks and infrastructure to ensure that the platform is running so payments can flow seamlessly.

If you are unable to process the card, please call Finexio at (407) 232-9138 or email at SupplierSuccess@Finexio.com. Please have your card number available for our team to be able to provide assistance.

If you are already factoring your receivables you should check with your financial advisor before participating in this program.

• 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

24/7 monitoring so that Finexio is able to react swiftly and appropriately when responding to cybersecurity incidents. 

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The first letter can go out as soon as you are ready.

Simply go to the online app to read through the T&Cs and sign up. It’s simple and takes only a few minutes.

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 be sent an invitation and instructions for activating your account.

• 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.

You control the program. You can simply turn it off at any point by going to the app and switching it off.

A supplier success number is available 24/7 to support your inquiries at 818-724-8110 ext 1,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

If your customer is extending the amount of time they agree to pay you it will be so that they can better manage their own cash flow.

• We perform Know-Your-Customer (KYC) on our customers and suppliers that are paid electronically
• We also leverage third-party services like Lexis Nexis, Plaid, and Microbilt to validate company information and bank accounts to ensure account validation

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

No, you are being given the opportunity to participate in this program because your customer values their relationship with you and wants to give you the opportunity to benefit from enhanced cash flow.

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.

If one of your invoices is disputed and cannot be approved it will be exempted from the early payment program and will be paid in full at invoice maturity.

Please call us at (407) 232-9138 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.

By Participating in this program your customer is committing to review and approve invoices within  10days from receipt of invoice. If for whatever reason they cannot meet that deadline you will be paid the full invoice amount on approved invoices at invoice maturity.

Yes, like a check or an ACH payment, each virtual payment is set for a specific payment amount and contains a 30-day redemption period. After 30 days, the card will be defunded, and a replacement check issued instead.

The OnDemand payment program commits to pay you within 10 days of receipt of invoice. Your customer accepts responsibility for processing the invoice once they receive it, not when it is sent.

Yes, upon Finexio’s payment order instruction from your Payor, a virtual card payment is ready 3-5 days sooner than your Card By Mail or traditional paper check payment when you switch to Card By Email delivery at finexio.com/card-opt-out.

We email you payment confirmation for every invoice that has been paid within 10 days as part of the OnDemand payment program. This will include a line item clearly showing the discounted amount.

Yes Finexio offers your business an online portal for with payment history and details. Please contact help@finexio.com for online enrollment to our Portal.

Please contact Finexio at help@finexio.com to report the lost or stolen virtual card, a new virtual card will be sent to you. Please retain the new card information in a secure location for future use.

Please refer to the link and opt out code provided to you on your most recent Card By Mail letter for instructions on how to opt out of the program and select an alternative payment delivery method.

A Matter of weeks. It’s really down to how fast you want to work. Typically, we agree which suppliers to include in the program and enroll them in your name.  Then you send us a daily file of invoices for the approved suppliers within eight days from receipt of invoice.

If you want to extend payment terms this aspect of the program typically takes longer as we work together to identify which suppliers should be included, and then undertake outreach on your behalf and establish your suppliers on new payment terms.

We compare your vendor payment terms to the industry standard in use by your peer group. We then run an analysis to determine if the new terms will have a cash benefit to your business and what amount.. An easy way to start is by using our online cash flow calculator. Or, if you want a more detailed assessment one of our sales team will be happy to help.

No. We can pay approved invoices early using our funding, or we pay them at maturity using your funds.

Your suppliers are charged a 2% fee in exchange for payment within 10 days from receipt of invoice. This is in line with credit card fees but with the additional benefit of getting your suppliers paid much faster. The funds are deposited directly into their bank account without the cost or hassle of paper checks.

There is no upfront fee for this solution. Our business model is based on benefitting from the early payment discounts. However, we reserve the right to charge a fee for helping you implement a payment terms extension with your suppliers if this is undertaken by the Finexio team.

For the program to work and for your suppliers to get paid inside 10 days from receipt of invoice, it’s required that you share approved invoices with us on a daily basis.

We pay your suppliers through automated ACH with the funds being deposited directly into their banks account.

You commit as part of the contractual program terms and conditions to pay all approved invoices that have been paid early by us at invoice maturity, at the full amount and on time.

If you are engaged in a dispute that cannot be resolved within eight days of receipt the invoice must be removed from the early payment program.

The key difference between a V Card program and FinexioCash is that with this program your suppliers have the opportunity to get paid faster while you can take longer to pay. This means that both you and your supplier put additional cash onto your balance sheets.

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 gaps.

• We employ Automation Technology and AI to pay your bills
• Most suppliers already accept electronic payments
• Financial institutions pay Finexio to create electronic connections that eliminate friction and reduce fraud

Finexio works instantly with any Accounting or ERP system. Nothing to install and no IT resources required

Finexio’s physical infrastructure is hosted and managed within Amazon’s secure data centers and utilizes the Amazon Web Service (AWS) technology. Amazon continually manages risk and undergoes recurring assessments to ensure compliance with industry standards. Amazon’s data center operations have been accredited under: ISO 27001, SOC 1 and SOC 2/SSAE 16/ISAE 3402 (Previously SAS 70 Type II), FISMA Moderate, Sarbanes-Oxley (SOX), AML/KYC Screening

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