The Penta Building Group Selects Medius to Improve Payment Processing
- 29.03.2023 01:10 pm
Medius, a leading provider of AP Automation and wider spend management solutions, has been selected by The PENTA Building Group to build an effective payments solution through Medius Pay as part of the company’s broader efforts to improve vendor relationships.
The PENTA Building Group selected Medius Pay to automate its manual payment system, and create a streamlined, end-to-end process for its 500-plus vendors. This move reflected PENTA’s need to improve an inefficient system that lacked transparency and often resulted in lost and delayed payments.
Through its seamless ERP integration, Medius Pay works with their existing accounting system to increase speed and visibility of payments and strengthen vendor relationships. Additionally, by consolidating multiple payment processes into a single channel, the company has been able to increase staff productivity while reducing the risk of fraud.
The finance department can now easily monitor payments through a single process and identify anomalies or duplicate transactions in real time, equipping managers with an accurate and holistic view of cash flow between The PENTA Building Group and its vendors. Through Medius’s virtual card system, vendors are paid almost immediately, especially important whenever early payment discounts or net 10 terms apply. Medius Pay’s Virtual card also generates revenue by delivering dividends from credit card payments back to PENTA.
Daryll Franco, Senior Accountant at The PENTA Building Group says: “With hundreds of invoices and in excess of 500 vendors, PENTA needed a reliable and feature-rich solution for processing payments. We conducted a search and compared Medius to at least three other providers. Other solutions made promises but only Medius could deliver what we needed.”
Mary Flynn Barton, Senior Vice President, Sales at Medius says: “We’re honored The PENTA Building Group selected Medius to digitally transform its manual payment process system. Through Medius Pay, we’ve seen a substantial reinvention and simplification of PENTA’s complex spend management process, where manual processing of hundreds of invoices for more than 500 vendors proved costly and time consuming. Medius also understands the importance of strong vendor relationships and worked to eliminate manual invoices, increasing the efficiency and visibility of supplier payments in real-time.”