Customer Success: Media Company Saves Nearly One Million Dollars Converting to Electronic Payments
Learn how our customer, PGR Media, has successfully saved time and paper, reduced costs and saved nearly one million dollars in the process, by switching to CSI globalVCard.
Like many companies, PGR Media had been relying heavily on paper check payments. Controller Margaret Beatty grew frustrated by the high costs, inefficient manual labor, and the lack of flexibility in the process.
“My position requires mobility – I’m not sitting at the office every day,” said Beatty. “When we needed to get a payment out quickly, it would either be delayed until I returned to the office or we would send an ACH or express mail – both of which added to our costs.”
The Electronic Payments Solution
The first step was to review PGR’s existing vendors and estimate how many would actually accept globalVCard payments. Beatty quickly learned that globalVCard paysystems would alleviate many of her company’s pain points: speed the payment process, reduce costs, and return the flexibility she needed to process or approve payments from wherever her business travels took her.
By converting to globalVCard paysystems, PGR Media has realized a number of significant benefits, as Beatty shares below:
- Simplified Reconciliation – “With CSI’s globalVCard payment processing, we are able to pay our vendors faster, reconcile accounts quicker and close out the month easier.”
- Reduced Paper – PGR Media offices are located where real estate is a premium, Boston and New York. ”Now we can use this prime space for employees rather than storing boxes of paper.”
- Time Savings – With globalVCard’s web-based platform Beatty gains visibility into PGR’s payments 24/7 wherever she is. “I don’t have to wait until I’m back in the office to answer questions or find paper copies of checks.”
- Cost Savings – Printing and signing checks, stuffing envelopes, and wasting time standing at the postage machine are all costly tasks that can be eliminated with electronic payments. Combining these cost savings with the rebate earned, PGR recognized annual savings in 2014 of $845,000.
Learn how our globalVCard electronic accounts payable solution can benefit your business.