Case Study: Leading Oil and Gas Company achieves $600K annual net benefit and converts 1,100 suppliers to electronic payments with Corcentric

Oil and Gas Company Fuels Better Supplier Relationships and Cuts Costs with Corcentric Payments

Leading Oil and Gas Company was struggling with an inefficient, error-prone supplier payment process driven by paper checks, creating delays and limited visibility. To transition more than 1,100 suppliers to electronic payments and centralize payment management, the company engaged Corcentric and its Corcentric Payments solution.

Corcentric deployed its Corcentric Payments platform — a centralized network supporting virtual card, ACH and check disbursements plus supplier education and enrollment — to digitize and speed up payments. The implementation moved 1,100 suppliers to e-payments, converted 23,500 transactions, eliminated an estimated $92K in paper-check costs, generated about $600K in annual net benefit in year one, and converted roughly $1.1B in spend to electronic payments, improving supplier relationships and cash visibility.