Finexio 101: Account Management & Supplier Enablement

Introduction

In the world of B2B payments, efficiency and optimization are key to success. Finexio, the leading embedded payments solution provider, offers a comprehensive approach to streamline accounts payable processes and enhance supplier relationships. In this deep dive, we'll explore two crucial aspects of Finexio's operations: Account Management and Supplier Enablement.

Account Management: Navigating the Finexio Journey

At the heart of Finexio's customer-centric approach is its robust Account Management team. This team serves as the primary point of contact for partners and customers, focusing on revenue growth, adoption strategies, and relationship expansion. Let's break down the key responsibilities and commitments of Finexio's Account Management team:

1. Strategic Oversight: The Account Management team is accountable for overall relationship growth, retention, and client satisfaction. They conduct strategic business reviews, annual account planning, and develop client engagement strategies. This holistic approach ensures that each customer's unique needs are met and that the partnership continues to deliver value over time.
2. Technical Liaison: Finexio's Account Managers facilitate internal and external consultation on technical capabilities, API specifications, and integration options. They provide the gateway to solution architects and oversee business requirements gathering, ensuring that agreed technical implementation aligns with customer needs and expectations.
3. Product Innovation Liaison: Acting as the voice of the customer, Account Managers provide feedback to Finexio's Product and IT teams regarding product innovation and roadmap prioritization. This ensures that Finexio's offerings continue to evolve in line with market demands and customer needs.
4. Barrier Removal: A key focus of the Account Management team is to remove barriers in the onboarding process, thereby accelerating revenue realization for both Finexio and its customers.

Supplier Enablement: Transforming Payment Processes

Finexio's Supplier Management team plays a crucial role in transitioning suppliers from traditional payment methods to more efficient electronic options. Here's an overview of their functions and the value they bring:

1. Supplier Conversion: The team serves as the primary point of contact for converting suppliers to Virtual Card and FinexioExpress (ACH) payment methods. They work through objections and educate suppliers on the benefits of transitioning to electronic payments.
2. Self-Service Empowerment: Supplier Enablement connects suppliers to the Finexio Portal, empowering them with self-service capabilities for managing their payments and preferences.
3. Database Management: The team manages and updates the company database of targetable suppliers, ensuring that Finexio has the most up-to-date information for its outreach and enablement efforts.
4. Strategic Sales Approaches: By influencing internal team members on strategic sales approaches, the Supplier Enablement team impacts revenue and drives adoption of electronic payment methods.
5. Campaign Deployment: The team deploys client campaigns and initiatives that support supplier business unit sales and operations plans, driving overall adoption and satisfaction.
6. Process Refinement: Supplier Enablement builds and refines key processes that maintain Finexio's revenue operations and supplier retention strategy, constantly improving the efficiency of the onboarding process.

The Supplier Journey with Finexio

Finexio has developed a structured approach to supplier onboarding and enablement:

Week 1: Onboarding Begins

• Customer data is submitted to Finexio for analysis
• Customer and/or Channel Partner teams are educated on the relationship with Finexio
• Email sent from Buyer to all Suppliers regarding Finexio
• Check stuffers sent with weekly check payments from Buyer

Weeks 2-3: Outreach to Suppliers Begins

• Need More Info (NMI) reports are sent to complete enrollments
• Suppliers are enrolled in electronic payments
• Enrollment report provided back to Buyer

Weeks 4-5: Continued Outreach and Enrollment

• Outreach to suppliers continues as part of an ongoing strategic campaign

Weeks 6-8 and Beyond: Payment Processing and Ongoing Engagement

• Payments are sent from Finexio to Suppliers
• Ongoing supplier engagement to optimize adoption and satisfaction

Value Drivers and Success Metrics

Finexio's approach to Supplier Enablement drives significant value for both buyers and suppliers. The goal is to move from paper-based payments to electronic methods, with a focus on increasing Virtual Card adoption. A typical successful implementation might see the following shift in payment methods:

Before Finexio: Potentially 100% of payment methods are by check

After Finexio: Payment methods are optimized for both the Customer and Supplier

• Virtual Card: 16%
• ACH: 45%
• FinexioExpress: 6%
• Check: 33%

This transformation not only improves efficiency but also generates revenue through card rebates and reduces processing costs associated with paper checks.

Conclusion

Finexio's comprehensive approach to Account Management and Supplier Enablement forms the backbone of its success in transforming B2B payments. By providing dedicated support throughout the customer journey and actively working to transition suppliers to more efficient payment methods, Finexio delivers significant value to its partners and customers. As businesses continue to seek ways to optimize their financial operations, solutions like Finexio will play an increasingly important role in shaping the future of B2B payments.

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Additional Resources

• Supplier Management

• Watch the video: Finexio - Supplier Enablement Team