Attivio Chooses MineralTree and Earns Cash Rebates On Vendor Payments
SilverPay, A Virtual Card Payment Product, Provides Rebates, Makes Investment Cost Neutral
Founded in 2007, Attivio established itself as a leader in enterprise search and text analytics. Many of the Fortune 100 continue to rely on Attivio to quickly find, correlate, and return the most relevant search results to boost knowledge worker productivity. Building on its successful heritage and technology, Attivio began expanding into the Big Data market in 2013 by delivering search-based applications, such as eCommunications Surveillance and Know Your Customer.
In early 2016, Attivio was looking for help managing their growing Accounts Payable workload. Upon learning about MineralTree, Ashley Honeyman, Vice President of Finance, realized they would benefit from AP automation and could recoup the cost of the solution through MineralTree’s virtual card program, SilverPay.
The Challenge: Paper-Based Process With Limited Resources
Tasked with paying 100 invoices every month, Attivio’s manual Accounts Payable process was cumbersome and outdated. All invoices, even electronic ones, were printed and passed around for approval prior to keying data manually into NetSuite.
Once entered, the team would file the invoices in a cabinet and begin the payment process. “At the end of each year, we were sending those invoices off to storage. We knew we needed an electronic document storage system,” says Honeyman.
When invoices were ready for payment, an AP report was run in NetSuite and then printed for review. Upon approval, checks were printed, handed off for signatures, and physically mailed to vendors.
“SilverPay has made it so simple to pay our vendors and earn rebates.
We are excited to see the number of enrolled vendors
increase and our rebates continue to grow.”
– Ashley Honeyman, Vice President of Finance, Attivio
The Solution: SilverPay Virtual Card Program
With invoices paid primarily by check, Attivio was missing out on the ability to earn rebates. MineralTree’s solution allowed Attivio to move to an electronic AP process and earn rebates for paying vendors. “One of the main drivers for implementing MineralTree was their SilverPay solution,” recalls Honeyman.
SilverPay is MineralTree’s electronic payment program that enrolls vendors, offers cash rebates for payments, and securely pays your vendors.
Once payments are approved, vendors receive a onetime use card number with a 30-day expiration date for processing. Once the payment is processed, the funds are deducted electronically from the customer’s checking account.
“Before implementing the program, we provided MineralTree with a list of our vendors to match against their system. It was completely painless on our end. They told us which vendors would accept card payments, enrolled those vendors for us, and shared an estimate of our anticipated rebates,” said Honeyman. MineralTree’s SilverPay network already contains more than half a million vendors who are willing to accept card payments.
MineralTree manages the vendor enrollment process – matching customers’ vendor lists against the database of previously enrolled vendors, contacting and enrolling additional vendors, and collecting required information needed to complete the payment process. Once vendors are enrolled, their default payment method in MineralTree is automatically set to SilverPay in order to streamline the payment process and ensure that customers receive rebates on payments sent to those vendors.
The Benefits: An Investment That Pays For Itself
Attivio’s investment in MineralTree nearly paid for itself. “Instead of filling a new, full-time position, we hired an intern who processes Accounts Payable two days a week,” says Honeyman. With the ability to earn cash rebates and the elimination of fulfillment materials (check stock, envelopes, and postage), the investment was easily justified for Attivio.
Beyond cost savings, Attivio benefited from moving to an electronic document storage system. Invoices are converted to searchable PDF documents and stored digitally in MineralTree. For Attivio, this meant no more misplaced invoices, no more filing cabinets, and eliminating the potential for human error.
“When an invoice is scanned in, everything is captured automatically. And, it’s extremely simple to approve invoices, select which should be paid, and authorize payments,” says Honeyman.
Regarding the actual payment, using SilverPay is a breeze. “There was no set up required on our end and nothing has changed from an approval perspective. Since the vendor is automatically enrolled to receive virtual card payments, all I have to do is press ‘approve’ and the payment is executed.”
The Bottom Line: Shorter Process And More Rebates
SilverPay enables Attivio to maintain their same payment approval process without the hassle of reconciling a credit card statement each month. “SilverPay debits our checking account like any other electronic payment, and vendors process the payment like a traditional credit card. But, the best part is that NetSuite, our accounting system, is always accurate and there is only one account to reconcile.”
Attivio has benefited greatly from AP and payment automation. Now, the team is spending half the time they were on processing AP and has the added benefit of earning cash rebates.
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