Payments

Learn how Payments work within Unimarket.

  • Unimarket Payments

    Unimarket has partnered with Finexio to offer Payments as a Service to our customers. Finexio’s team picks up the AP process and manages the payments to your vendors. This includes:

    • Onboarding suppliers into the Finexio platform and managing their payment preferences
    • Shifting suppliers from high-cost paper check payments to low-cost electronic payments
    • Identifying revenue generating payments when possible (Virtual Card)
    • Reducing the workload of Finance teams
    • Dedicated success team resources for buyers and suppliers
    • Bank Verification and Dual Factor Authentication
    • Payment Delivery
    • Transparency into payments via the Finexio web portal
    • Customers no longer need to store any payment information

    Integrating with Finexio

    Unimarket has two points of integration with Finexio. We get accurate Supplier information to the Finexio team, allowing them to initiate their vendor onboarding process. Additionally, we receive payment information back to keep those details updated in the Unimarket platform. 

    Unimarket Supplier Data to Finexio

    First, Unimarket will provide a scheduled weekly list of all of your vendors who have registered in Unimarket. This will include newly registered vendors, or vendors who have recently made updates to their profile. Finexio will use data such as the Supplier Name and Contact Information to reach out to the vendor and onboard them into the payments system. The Finexio team will gather the vendor’s preferred payment method and begin issuing payments, while actively optimizing the number of electronic payments and minimizing paper checks where possible. 

    Finexio Payment Data to Unimarket

    Once Finexio has issued payments to your vendors, they will return a payment file back to Unimarket. This file is automatically sent to the Unimarket team, and it includes all of your recent payment data, including details such as Payment Number or Check Number, Payment Date, Payment Amount, Invoice Number and the Supplier who was paid. Upon receipt of this file, it is loaded into the Unimarket platform where your users and suppliers can see the status of their payments against their invoices. 

    Supplier Registering with Finexio

    If a supplier has any questions about registering with Finexio, they can reach out to  suppliersuccess@finexio.com.