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 suppliers. That 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 provide accurate supplier information to the Finexio team, allowing them to initiate their vendor onboarding process. Additionally, we receive payment information from Finexio to ensure the supplier details is updated, in Unimarket. 

     

    Unimarket Supplier Data to Finexio

    First, Unimarket will provide a scheduled weekly list of all of community suppliers who have registered in Unimarket. This includes newly registered vendors and/or vendors who have recently made updates to their profile.

    Finexio use data (e.g. Supplier Name, Contact Information) to reach out to the supplier and onboard them into the payments system. The Finexio team will gather the supplier’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 community suppliers, they will return a payment file back to Unimarket. The file is automatically sent to the Unimarket team, including all of 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 the file, it is loaded into Unimarket. Where community users and suppliers can view the status of supplier 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.