Suppliers
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.
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 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
What if a transaction fails?
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.
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 be sent an invitation and instructions for activating your account.
What level of support will I receive?
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
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.
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'm not the right person to authorize enrollment, but I know who is?
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.
I have received a virtual card payment related to multiple invoices; do I process the full amount of the card?
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.
If I would like to be paid sooner with a virtual card by mail payment, can I switch to email delivery?
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.
Can I access my payment activity and history online?
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.
If I do not receive my Virtual Card Payment or it has been stolen, how do I report it and receive a new card number?
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.
How do I opt‐out from receiving virtual card by mail payments?
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.
