Case Study: Fortune 150 Automotive Dealership achieves AP efficiency and $60.9M in electronic payments with Corcentric Payments

Automotive Dealership Drives Toward AP Efficiency with Payments Solution

Fortune 150 Automotive Dealership was struggling with inefficient payment processes, heavy reliance on paper checks, inconsistent supplier payment terms, difficulty tracking early-pay discounts, and a costly in-house ACH validation. The company selected Corcentric and its Corcentric Payments solution to meet requirements like converting checks to electronic alternatives, auditing vendors and payment terms, centralizing payment records, supporting multiple payment methods, and providing a robust ACH validation process.

Corcentric implemented Corcentric Payments, conducting a detailed vendor audit, consolidating payment terms into a single system, and converting 3,242 transactions so 414 suppliers were paid electronically. The deployment converted $60.9M in spend to electronic payments, eliminated $22,701 in paper-check costs, and delivered a $190,815 annual net benefit in year one while streamlining AP, improving supplier payment flexibility, and enabling future rebates and prepaid card use.