B2B payments
Matthew is Vice President for Financial Management and works with his team to enhance precision, reduce late fees related to vendor payments.
He explains how partnering with Edenred Pay helped them overcome efficiency challenges.
"We had an extensive payments department with 13 accounts payable coordinators. Vendor payment processing was paper-based and inefficient, resulting in delays of two to three weeks before vendor payouts and significant late fees up to $500 per month. Despite initial attempts to automate, the process proved challenging due to insufficient resources and expertise, especially in vendor enrollment. We realized that a new approach was necessary.
The partnership with Edenred Pay brought clear success. Its simplicity, ease, speed and security transformed our payment process.
Integrating Edenred Pay with our systems was seamless, allowing direct payment processing from the accounting system. The integration team ensured smooth auto-reconciliation and data synchronization, while customizations streamlined transaction identification and prevented duplicate payments.
Edenred Pay's vendor enrollment team actively engages with our vendors, boosting conversion rates. This enables us to meet and exceed client expectations, with payments now approved and dispatched within days and late fees reduced to less than $50 annually. Vendors receive payments swiftly and securely, with multiple options available. Thanks to Edenred Pay, our staff can now focus on more value-added tasks.”