Unimarket Payments

  • Updated

Unimarket has partnered with Finexio to offer a comprehensive Payments as a Service solution. Finexio manages the Accounts Payable (AP) payment process for customers, taking responsibility for payment execution and optimization.

 

Key Benefits of Finexio Integration

Finexio's service provides several key benefits by managing the payment process:

  • Supplier Onboarding and Management: Onboarding suppliers into the Finexio platform and managing their payment preferences.

  • Electronic Payment Optimization: Shifting suppliers from high-cost paper check payments to low-cost electronic payments.

  • Revenue Generation: Identifying opportunities for revenue-generating payments, such as Virtual Cards, when possible.

  • Workload Reduction: Directly reducing the workload of internal Finance teams.

  • Dedicated Support: Providing dedicated success team resources for both buyers and suppliers.

  • Security: Utilizing Bank Verification and Dual Factor Authentication.

  • Transparency: Offering transparency into payments via the Finexio web portal.

  • Data Security: Customers no longer need to store supplier payment information.

 

Integrating with Finexio

The integration between Unimarket and Finexio involves two key data exchanges:

Unimarket Supplier Data to Finexio

  • Purpose: To initiate the supplier vendor onboarding process.

  • Frequency: Unimarket sends a scheduled weekly list of all registered community suppliers, including new vendors and those with recently updated profiles.

  • Action: Finexio uses this data (e.g., Supplier Name, Contact Information) to contact the supplier, gather their preferred payment method, and begin issuing payments. Finexio actively works to maximize electronic payments and minimize paper checks.

 

Finexio Payment Data to Unimarket

  • Purpose: To update payment status transparency within Unimarket.

  • Data Sent: Once Finexio has issued payments, they return a payment file to the Unimarket team containing details such as:

    • Payment Number or Check Number

    • Payment Date

    • Payment Amount

    • Invoice Number

    • The supplier who was paid.

  • Action: Upon receipt, this file is loaded into Unimarket, allowing community users and suppliers to view the payment status against their invoices.

 

Supplier Registration Contact

If a supplier has any questions about registering with Finexio, they should reach out to the Finexio team directly at suppliersuccess@finexio.com.