Over $100 million in AP Spend Delivered Through Electronic Payments
ViCon Construction, LLC was familiar with products within the industry for electronic payments, and therefore recognized the added value in using an AP Payments as a Service provider. ViCon chose Finexio for ease of making payments, and for the security of those payments. They wanted their vendors to get paid painlessly with as little manual work as possible, while gaining revenue share.
ViCon Construction, LLC is a construction company that focuses on commercial warehouse spaces throughout the United States.
Prior to choosing Finexio to better streamline payment options, ViCon Contruction, LLC was using another payments provider with limited payment options and whose customer service was lacking. Years prior, ViCon was strictly on paper check, which was just as cumbersome due manual processes that checks involved, including unreliability of them becoming lost in the mail.
ViCon wanted to upgrade their supplier relationships by providing their suppliers with multiple payment options, in order to make the transaction process seamless.
A competitor solution provided ViCon with poor success rates in electronic payment adoption.
Competitor solutions in the market were lacking the solutions to solve any of the issues that ViCon was facing.
It’s important to ViCon Construction, LLC to ensure delivery of payments to their suppliers quickly, with little manual work to their team. They also had vendors that wanted multiple payment options, and ViCon wanted to deliver on those options to keep these long-lasting relationships intact.
Virtual card, eCheck, ACH and more became rapid options and alternatives to all suppliers which quickly boosted ViCon’s service and revenue model.
Finexio brought incredible service and support to ViCon’s team by answering questions promptly and educating their team on new self-service tools.
Security was a key factor for ViCon, in ensuring suppliers felt safe and secure while finding value in receiving digital payments.
Finexio provided ViCon’s suppliers with multiple payment options, such as virtual card and ACH options. Since switching to Finexio, ViCon now benefits from revenue-generating payments, a benefit that ViCon's previous provider kept for themselves.
Read the Full Story$147M
Total AP spend managed by Finexio
19%
Total spend enrolled on virtual cards
68%
ViCon’s supplier base has been converted to digital payment methods
