Finexio Increases Virtual Card Adoption to 40% With Virtual Card by Mail

Finexio, an Accounts Payable (AP) Payments as a Service company based in Orlando, FL, announced the expansion of its Card by Mail (CBM) program today. The expansion aims to enhance the company's virtual card adoption rates for its B2B software partners, customers, and suppliers. The program now supports all AP2P platforms, issuing banks, and bill payment providers, aiming to significantly increase virtual card take rates from the industry standard.

The Card by Mail solution delivers virtual card payments via mail, providing a more secure and efficient alternative to traditional paper checks. Finexio leverages proprietary AI models and data from its eight-year payments processing experience to identify suppliers most likely to shift from check to card payments. This method has consistently achieved a 40% virtual card adoption rate of total spend, contrasting the 7% seen in the broader US B2B payment volume.

According to Ernest Rolfson, CEO and Founder of Finexio, the Card by Mail program offers a safer solution compared to paper checks and expands accessible card spend opportunities to previously unreachable suppliers. The initiative not only enhances security but also drives top-line growth and enhanced revenue shares for customers, contributing significantly to the company's sustained success.