Finexio's CredX Solution Creates New Way to Pay Suppliers Electronically
New feature allows any business supplier to be paid with a credit card
ORLANDO, Fla., December 10, 2018 (Newswire.com) - Today Finexio, the intelligent payment network, announces “CredX,” a new payment option that allows corporate buyers the ability to pay any supplier with a credit card, regardless of whether the supplier can accept cards or not.
In addition to Finexio’s full suite of electronic payment options, CredX unlocks entirely new segments of corporate spending for its customers while providing new ways to access the benefits of their bank-issued credit cards.
Customers can use their existing credit cards to enjoy 30 days of float and earn cash back and point rewards to pay suppliers that never accepted card payments previously. With the addition of this new payment option, Finexio solidifies its position as the most robust and complete AP payment solution in the market today.
“We’re excited to offer our customers new ways to eliminate checks and generate 30-45 days of new cash flow,” said Ernest Rolfson, CEO of Finexio. “With CredX, we enable any buyer to pay non-card-accepting suppliers with any Mastercard or Visa credit card by utilizing our proprietary network to route payments via the optimal supplier payment method. For us, it’s all about creating new alternatives to printing and mailing checks by making it even easier to adopt electronic payments. This important innovation is another step toward that mission.”
Paper checks still represent $13 trillion of B2B payments a year in the United States, which cost the system $31 per transaction. According to research from Mercator Advisory Group and Mastercard, the overall U.S. commercial card market is expected to show strong growth through 2020 at 8.4 percent CAGR. New products and services like Finexio’s CredX allow Finexio and its customers to take advantage of exciting payment growth opportunities.
Finexio has made CredX available to its current customers immediately and will offer the payment method to new customers beginning in January 2019. Representing the first integration of merchant-acquiring capabilities with a B2B payments automation solution, CredX promises to change the business payments landscape by leveraging both issuing and acquiring processing capabilities within one cloud-based enterprise payments platform.
Finexio’s intelligent payment network fills a critical need in the business-to-business landscape, enabling companies to transition from traditional and inefficient paper-check payments toward electronic, cost-saving payment methods.
Finexio’s comprehensive AP “Payments as a Service” solution identifies the optimal payment acceptance method for all suppliers and leverages proprietary analytics and AI tools to generate maximum conversion rates of suppliers to electronic payments. Finexio’s intelligent payment network identifies, delivers and supports 10 forms of payment, generating revenue and cost savings for AP departments while offering complete transparency and control of the payment process. To learn more, visit Finexio’s website at https://finexio.com.