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Luxury Hotel chain revolutionizes their Accounts Payable cost center into a revenue generator by implementing the CSI Virtual MasterCard program.
A Global luxury hotel and resort chain was seeking to streamline their accounts payable process with the goal of reducing costs, increasing security and becoming more environmentally friendly.
Business Needs: Facing a struggling economy, antiquated systems, reductions in staff and an increase in workload, this hotel chain’s finance division was looking to reduce costs, implement an efficient work-flow, automate the Accounts Payable process and increase revenue while being mindful of the environment.
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Solution:
CSI began by collaborating with the finance division to define their goals and expectations. CSI introduced the Virtual MasterCard, a one-time use credit card account number used to make electronic payments to vendors. At the time of payment, a secure electronic disbursement file is submitted to CSI from which payment remittances are created and sent to vendors. Once the vendor processes the credit card payment, CSI provides an electronic settlement file back to accounts payable for reconciliation.
Key Card Functions:
- Easily integrates with existing ERP system
- Real-time online management and reporting
- Automated payment and reconciliation processes
- Full vendor enrollment support and training
- Earn a significant rebate and improve cash flow
Benefits:
This Luxury Hotel chain was able to significantly reduce their workload and costs associated with paper check disbursements. During roll out of the program, a successful vendor enrollment process was implemented with the CSI Vendor Enrollment Team’s full support and training. A vendor enrollment portal was created to provide their vendors with enough knowledge to ease concerns of the payment change. In addition, cash flow increased where a dead cost previously existed by earning revenue on payables processed through the CSI Virtual MasterCard Program.
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SOLUTION OVERVIEW
Annual Billings: $64.8 Million
Annual Rebate: $645,000
Annual Check Savings: $61,700
Customer Size: Confidential
Company Profile:
This hotel chain is a global hospitality operation that upholds a 5 star rating.
Program Need:
This company was looking for a solution to replace paper check disbursements with an automated payment and reconciliation process.
Solution Provided:
CSI introduced the Virtual MasterCard for Accounts Payable, a unique one-time use credit card number used to make electronic payments to vendors. The product reduced their paper check costs and generated revenue back to the company.
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