VALSPAR PAINT & COATING REPLACES BANK PROGRAM WITH CPS TO DRAMATICALLY INCREASE VENDOR ENROLLMENT AND THROUGHPUT “We had utilized our lending bank’s e-payment program for years, but the rebate was minimal. We were only paying our top vendors electronically and were missing out on a much larger rebate opportunity. ”
Valspar Paints and Coatings is a multi-billion dollar paint manufacturer with its global headquarters in Minneapolis Minnesota. Valspar Treasurer, Tyler Treat, began looking for alternatives to their traditional bank epayment program because he felt they were not getting the throughput and rebate they should.
“We had utilized our lending bank’s e-payment program for years, but the rebate was minimal. We were only paying our top vendors electronically and were missing out on a much larger rebate opportunity, ” Treat said. “Our goal was to find an e-payment provider that could dramatically increase vendor enrollment and our rebates.”
CPS presented Valspar with a comprehensive solution that included a robust enrollment strategy to replace their bank’s e-payment program. The program included a 100% vendor contact enrollment
strategy, complimentary Pay4You manual payment processing service, and continuous vendor analysis.
Unlike traditional bank programs, CPS contacted 100% of Valspar’s vendors during the enrollment period to determine which vendors accepted electronic payments and how each vendor prefers to be paid. Vendors that accept virtual card payment via phone call, web portal, or secure fax were enrolled in our Pay4You service to be paid by CPS on behalf of Valspar.
In addition to the aggressive enrollment strategy and Pay4You service, Valspar automatically benefits from the continuous data analysis performed by the CPS vendor enrollment specialist to ensure maximum vendor enrollment and continued client success in the program.
The CPS team used the Valspar’s accounts payable reports to get them set up with vendors. Within two weeks of converting to the CPS E-Payment Program, there was an additional $58M of annual vendor spend enrolled. After full enrollment, the total annual vendor payment throughput was three times Valspar’s former bank program.
Virginia Mason Memorial Hospital is a 226-bed, acute-care, non-profit, community hospital serving Central Washington’s Yakima Valley. Senior Operations Manager, Evan Casteel, began looking
for ways to bring efficiency and best practices to the supply chain function and was mindful of the facility CFO’s interest in developing new revenue streams.
“Our accounts payable process was still very paper based, and we only had a couple credit cards to use for payments, which could make things somewhat difficult and inefficient,” Casteel said. “Given the potential benefits of implementing an automated system, we decided it was worth exploring further.”
The CPS payment portal integrated seamlessly with their ERP system, enabling VMMH to automate the payment process to many of their vendors.
Payment files are uploaded directly into the payment portal, invoices are reviewed and approved, and a single-use virtual
MasterCard® number is generated and then sent to the vendor for each payment. Since the system integrates with the existing ERP system, tracking and account reconciliation falls right into place.
“We were looking for the best way to enhance internal controls and reduce our office costs, check printing and mailing inefficiencies,” said Casteel. “We were also looking for ease of implementation on a highly secure platform.
The CPS team used the organization’s accounts payable reports to get them set up with vendors. The customer service and on-boarding from CPS were another very pleasant aspect of the engagement, noted Casteel. “They searched and connected the vendors for us,” he said, noting that they were currently
processing about 60% of payments through CPS and were continually working to add more.
The organization has had an E-Payment program through their lending bank for several years. They did not feel they were having the throughput and rebate earned that they thought they should. Their goal was to find an E-Payment provider that could dramatically increase vendor enrollment and rebate.
SCSD prides themselves on creating a twenty-first century learning environment by staying current on the latest performance techniques and in their “BYOT” practice which allows students to bring their own technology. However, staying current and creating inspiring learning environments for more than 6,000 students is an expensive undertaking.
The company selected CPS to replace their bank E-Payment program. CPS has a robust enrollment strategy that maximizes success for their clients. It includes:
The CPS team used the SCSD’s accounts payable reports to get them set up with vendors. Implementation and deployment of the program was quick and seamless. Within the first few months of the program SCSD reduced the number of number of manual
checks being processed and mailed, further adding to their back-office efficiencies. Enrollment in the CPS E-Payment program
generates significant savings and cash rebates for SCSD that have been invaluable to delivering the district’s EPIC Mission.
CPS HELPS NORTHERN HOSPITAL OF SURRY COUNTY REDUCE MANUAL CHECKS AND INCREASE VENDOR PARTICIPATION
"We were cutting more checks than we needed or wanted to, so we started looking for a solution. We really liked that CPS does the heavy lifting with our vendors."
Northern Hospital of Surry County is a 133-bed not-for-profit community hospital serving north-central North Carolina and southwestern Virginia for over sixty years. Operational Finance Director, Derek White, began looking for ways to automate AP processes.
“We were cutting more checks than we needed or wanted to, so we started looking for a solution," White said. "We really liked that CPS does the heavy lifting with our vendors.”
The hospital needed a solution that integrated with their current accounting system, was easy to
CPS presented Northern Hospital with a comprehensive solution that included a non-disruptive implementation process, seamless integration with easy-to-use and intuitive software, and a robust vendor enrollment strategy. The program included a 100% vendor verification strategy, conducted by CPS personnel, complimentary Pay4You manual payment processing, and continuous vendor analysis.
In the first year of the program, Northern Hospital was able to eliminate 1,300 checks and generate approximately $35K in rebate revenue, which equates to about $48K in total net income improvements. In order to maximize Northern Hospital’s rebate, 33% of all the payments made through the program were done manually on the hospital’s behalf with CPS’s complimentary Pay4You service.
Northern Hospital of Surry County’s ePayables program continues to grow and benefit from the continuous data analysis and activities performed by the CPS Vendor Verification team. With the hospital’s most recent vendor file, the Vendor Verification team was able to verify more vendors to pay through the program. The hospital is now able to pay 47% of its vendors through the CPS ePayables program.