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A Major Marketing Firm’s Accounts Payable team found tremendous value in reducing check disbursements, streamlining the payment process and generating significant revenue back on payables.
The leading marketing firm was seeking an alternative to costly paper check disbursements while at the same time automating their payment process and generating revenue.
Business Needs: The CFO was introduced to the CSI Virtual MasterCard® while he was looking for methods to reduce the workload in their accounts payable department, automate payment/reconcile processes and reduce costs associated with paper check disbursements. He required a solution that would integrate with the company’s ERP system and provide a workflow to allow for controls, tracking and authorizations.
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Solution:
CSI began by collaborating with members of the accounts payable department to define their goals and expectations. CSI introduced the Virtual MasterCard®, a unique one-time use credit card account number used to make electronic payments to vendors. When making vendor payments, a unique one-time use Virtual MasterCard account number is generated for each vendor payment. The vendor receives payment through a secure automated email remittance. The CSI Virtual MasterCard payment method is truly revolutionary and will change the way you think about payments.
Key Card Functions:
- Significant revenue earned on payables
- High vendor acceptance percentage (50%-70% enrolled vendor)
- Full vendor enrollment support and training
- Easily integrated with existing ERP system, Advantage Software
- Automated the payment and reconciliation processes
Benefits:
The Marketing Organization was able to significantly reduce their workload and costs associated with paper check disbursements. During roll out, a successful vendor enrollment program was implemented with the CSI Vendor Enrollment Team’s full support and training. A vendor enrollment portal was created to provide their vendors with enough information to be comfortable with the new payment process. In addition, cash flow increased by earning revenue on payables processed through the CSI Virtual MasterCard® program.
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SOLUTION OVERVIEW
Annual Billings: $96 Million
Annual Rebate: $960,000
Annual Check Savings: $55,000
Customer Size: Confidential
Organization Profile:
This marketing firm is a prominent communications business with national locations.
Program Need:
This firm was looking for a solution to replace paper check disbursements with an automated payment and reconciliation process.
Solution Provided:
CSI Introduced the Virtual MasterCard® for Accounts Payable, a unique one-time use credit card number used to make electronic payments to vendors. The product reduced their paper check costs and generated substantial revenue back to the company.
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