Frequently Asked Questions

Finexio provides suppliers with secure and efficient payment options, including virtual cards, ACH transfers, and wire transfers. Virtual cards are single-use, digital payment cards sent via email, offering a safe and convenient way for suppliers to receive payments. Each virtual card is valid for one transaction and includes a unique 16-digit card number, expiration date, and CVV for added security. These payment methods are designed to ensure suppliers receive their funds quickly and reliably, while also minimizing the risks and inefficiencies associated with traditional payment methods like checks.

Paper checks are costly, inefficient, and susceptible to fraud. Transitioning to electronic payments, such as virtual cards, improves working capital by accelerating cash flow. Virtual cards eliminate the manual tasks associated with checks, such as printing, mailing, and tracking. Additionally, they offer greater security, as check fraud remains one of the most common payment risks. Here are a few statistics to give you and idea of the high cost and fraud impact of staying with paper checks:

• Average cost per payment made by AP Teams is $8.93 per check. Source: Ardent Partners’ Accounts Payable Metrics that Matter in 2023
• 80% all organizations experienced payments fraud in 2023. Source: 2024 AFP® Payments Fraud And Control Survey Report.
• The average cost per incident of payments fraud is $149,225. Source: Unveiling the Hidden Threat of Payment Fraud, GARP, December 2023.

A virtual card is a single-use, digital payment method sent to suppliers via email or mail. It functions like a traditional credit or debit card, offering secure payment processing through existing card networks. Virtual cards enhance security, reduce costs, and are widely accepted by suppliers already processing card payments. If a payment reissue is necessary, Finexio processes it through alternative methods, such as issuing a replacement virtual card or arranging for a different form of reimbursement.

Suppliers open the virtual card email and enter the provided 16-digit card number, CVV, and expiration date into their point-of-sale (POS) system. The transaction processes immediately, and funds are typically settled within the standard credit card settlement timeframe.

If you are unable to process a virtual card, please submit a support request with the Finexio Help Center for assistance in processing your payment. Here is the link: https://support.finexio.com/hc/en-us/requests/new. Please have your virtual card details to hand to expedite support.

Finexio’s supplier portal provides 24/7 access to payment activity and history for suppliers that are being paid by virtual card or Finexio Express (enhanced ACH). The intuitive dashboard displays recent payments, invoices, and charts tracking payment trends, offering a clear view of your financial activity.

Features include:

• Real-time monitoring of payment statuses and methods.
• A payment timeline for each transaction, ensuring full visibility.
• Tools to search, filter, and download detailed remittance information for efficient reconciliation.
• Easy updates to banking and demographic details directly within the portal.
• Email notifications for every transaction to keep you informed.

The portal is designed to streamline the supplier’s financial operations and give full control over payment data. For assistance, instant support is available at the touch of a button.

What level of support will I receive?

At Finexio, we are committed to providing comprehensive support to ensure a seamless experience with our AP Payments as a Service. Support Resources:

• Help Center: Access our extensive knowledge base for articles, guides, and FAQs to assist with common questions and issues.
• Support Tickets: Submit a support request directly through our Help Center for personalized assistance from our support staff. Here is the link: https://support.finexio.com/hc/en-us/requests/new.

A supplier success number Customer Support 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.

Yes, suppliers who cannot process virtual cards can be set up with alternative electronic payment methods, such as Finexio Express, our enhanced ACH solution. Please submit a support request with the Finexio Help Center for assistance in configuring a payment method that works for your business and a member of our support staff will respond as soon as possible. Here is the link: https://support.finexio.com/hc/en-us/requests/new.

The program is free for suppliers to join, however standard merchant processing fees may apply, depending on the supplier’s agreement with their bank or payment processor. Suppliers have to be enrolled in the program by their customer (supplier’s can’t self-enroll).

Please submit a support request with the Finexio Help Center and make sure to provide the correct contact information. The individual must be employed by or have an existing business relationship with the customer in order to authorize enrollment. Finexio will ensure the appropriate person receives an enrollment invitation. Here is the link: https://support.finexio.com/hc/en-us/requests/new.

Yes, each virtual card is issued for a specific payment amount, including multiple invoices if applicable. The full card amount must be processed as a single transaction. If the card is not processed within 30 days, it will expire, and a replacement payment may be issued. This timing can vary for virtual card by mail payments. If you have specific questions regarding multiple invoices, submit a support request with the Finexio Help Center and a member of our support staff will respond as soon as possible. Here is the link: https://support.finexio.com/hc/en-us/requests/new.

Yes, virtual card payments delivered via email are typically available 3-5 days sooner than those sent via mail. To switch to email delivery, follow the instructions provided on your Card By Mail payment notification if you have received one, or submit a support request with the Finexio Help Center and a member of our support staff will respond as soon as possible. Here is the link: https://support.finexio.com/hc/en-us/requests/new. If you have received payment via card by mail for the first time and have questions, you can learn more about the card by mail program here: https://www.finexio.com/vcp

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 submit a support request with the Finexio Help Center. In most cases a replacement virtual card will be issued, and you will receive the updated payment details via email. Here is the link: https://support.finexio.com/hc/en-us/requests/new.

To opt out of Card By Mail payments, refer to the instructions and opt-out code included in your most recent Card By Mail letter or submit a support request with the Finexio Help Center to request an alternative payment delivery method. Here is the link: https://support.finexio.com/hc/en-us/requests/new.