Finexio Sets New Standard In B2B Payments With 40% Virtual Card Adoption Rate

Finexio, a rapidly expanding Accounts Payable (AP) Payments as a Service company, has recently announced the growth of its proprietary Card by Mail (CBM) program. This initiative is set to further elevate its industry-leading virtual card adoption rates among B2B software partners, customers, and suppliers. The move introduces a more secure and efficient alternative to traditional manual AP payments. The leadership team at Finexio has successfully facilitated over $15 billion of Card by Mail virtual card payments to merchants, marking a significant milestone in the B2B payments sector.

Historically, the Card by Mail program has achieved virtual card adoption to 40% of total spend, setting a new high benchmark in an industry where Virtual Card constitutes only 7% of US B2B payment volume. This achievement underscores Finexio's innovative approach in a market ripe for transformation. The CBM solution represents a significant evolution in virtual card delivery, a service not provided by other B2B payment providers. By mailing virtual card payments to a strategically selected group of suppliers instead of issuing paper checks, Finexio significantly enhances the security and reduces the costs associated with these transactions.

Utilizing AI models based on its unique and proprietary eight-year payments processing and supplier data set, Finexio identifies suppliers most likely to transition from check to card payments. "Card by Mail is an overwhelming success, unlocking trillions in new card spend accessible to all issuing banks, bill pay services, and networks," stated Ernest Rolfson, CEO and Founder of Finexio. He further emphasized the safety benefits over paper checks and the optimization of card payments programs for customers through AI-backed advancements.

The Card By Mail initiative not only drives increased card issuance but also achieves the highest possible adoption rates. This results in significant top-line growth and enhanced revenue share for customers by monetizing more of their AP spend. The program's self-sustaining nature effectively offsets traditional check costs, showcasing Finexio's commitment to innovative solutions and a unique partnership culture that positively impacts its partners' and customers' bottom lines.

As an innovative leader in the B2B payments industry, Finexio specializes in delivering Accounts Payable (AP) Payments as a Service. It stands out as the only fully managed AP payments solution that employs AI to optimize, monetize, and secure the entire payment lifecycle. Offering comprehensive services including payment delivery and operations, supplier management, fraud prevention, payment monetization strategies, and robust payment reporting and analytics, Finexio enhances operational efficiency, payment security, and customer satisfaction for Accounts Payable Procure to Pay partners and corporate clients.

For more details on Finexio's offerings or to learn more about the Card by Mail program, interested parties are encouraged to visit finexio.com/card-by-mail. Additionally, follow Finexio on LinkedIn for the latest updates and insights into their services.

For media inquiries or further information, please contact Tracie Poland, VP of Marketing at [email protected].