Even though most consumers are comfortable with paying their bills electronically, businesses have been slower to reject the paper check in favor of more advanced payment technologies. Finexio, the Orlando-based payment execution company, is changing all that.
Through their proprietary “network of networks,” Finexio can deliver B2B payments in 9 different ways. From an accounting file, Finexio’s software intelligently determines the best way to pay vendors and suppliers, then routes their payments electronically without requiring bank account information. Because electronic payments generate rebates and discounts, CFOs appreciate how Finexio’s product transforms accounts payable into a revenue hub. Finexio’s benefits go beyond the financial, although the average $300k return from Finexio’s product is a compelling proposition. By eliminating customers’ time-consuming manual processes, such as supplier onboarding, customer service, and payment reconciliation, Finexio alleviates the business burden of this back office labor. In addition, because Finexio’s payment network is ERP-agnostic, it works seamlessly with customers’ existing software and systems.
Said Ernest Rolfson, Finexio’s founder and CEO: “As a long time financial operations executive and working capital expert, I was struck by the manual processes and challenges that the majority of large corporates in the United States face while making their business payments. Finexio is an important technological advancement for businesses across the country to deliver savings, automation, and strong financial benefit for both these companies and their supplier bases.”
Finexio has steadily grown since its inception in 2015, moving from Silicon Valley to Orlando in 2017 and receiving a $4m Series A round of funding in early 2018. Customers like The General®insurance and Morgan & Morgan, the nationwide personal injury law firm headquartered in downtown Orlando, have seen millions of dollars converted to electronic spend because of Finexio’s exceptional supplier enrollment and a multitude of payment options. For more information, please visit their website at https://finexio.com.