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

Expands the Program to All AP2P Platforms, Issuing Banks, and Bill Payment providers to dramatically increase Virtual Card Take Rates

ORLANDO, FL / ACCESSWIRE / April 23, 2024 / Finexio, the fast-growing Accounts Payable (AP) Payments as a Service company, today announced the expansion of its proprietary Card by Mail (CBM) program to increase further its industry-leading virtual card adoption rates for its B2B software partners, customers and suppliers, delivering a more secure and efficient alternative to manual AP payments.

The Finexio leadership team has delivered more than $15 billion of Card by Mail virtual card payments to merchants. Over many years, programs, and customer types, Card by Mail consistently delivers virtual card adoption to 40% of total spend, the highest benchmark in the B2B payments industry where Virtual Card is only 7% of US B2B payment volume.

Finexio's Card by Mail solution is a natural evolution of virtual card delivery, not offered by other B2B payment providers. CBM delivers virtual card payments in the mail to a strategic set of suppliers instead of paper checks, significantly increasing the security of these payments and decreasing costs. Finexio uses AI models built on its unique and proprietary eight-year payments processing and supplier "network of networks" data set to identify suppliers with the highest likelihood of converting from check to card payments.

"Card by Mail is an overwhelming success and opens up trillions in new card spend, accessible to all issuing banks, bill pay services, and networks. This industry-changing solution connects previously unreachable suppliers," stated Ernest Rolfson, CEO and Founder of Finexio. "Safer than paper checks by orders of magnitude, our solution optimizes card payments programs for customers. AI-backed advancements like this will continue to shape the future of secure B2B payments. Finexio remains committed to delivering top-tier Payments as a Service solution to the entire industry," added Rolfson.

Card By Mail drives increased card issuance with the highest possible adoption rates, resulting in significant top-line growth and enhanced revenue share for our customers, monetizing more of their AP spend. The program is self-sustaining, offsetting traditional check costs.

This initiative showcases Finexio's innovative solutions and unique partnership culture that directly impacts the bottom line for its partners and customers. For more information, visitfinexio.com/card-by-mail.

About Finexio
Finexio, an innovative leader in the B2B payments industry, delivers Accounts Payable (AP) Payments as a Service and offers the only fully managed AP payments solution that leverages AI to optimize, monetize, and secure the entire payment lifecycle.

Finexio offers payment delivery and operations, supplier management, fraud prevention, payment monetization strategies, and robust payment reporting and analytics. This unique combination of technology and service enhances operational efficiency, payment security, and customer satisfaction for Accounts Payable Procure to Pay partners and corporate clients.

Learn more at the Finexio website and follow us on LinkedIn.

Media Contact

Tracie Poland
VP of Marketing
tracie@finexio.com

Contact Information

Tracie Poland
VP of Marketing
tracie@finexio.com
3035625063

SOURCE: Finexio

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