ORLANDO, Florida--(BUSINESS WIRE)--Viewpost, the secure B2B network for electronic invoicing, payments and cash management, today announced that the Orlando Magic professional basketball organization is using the secure Viewpost business network to perform transactions with its population of suppliers and corporate customers. Through Viewpost, the Magic sends electronic invoices to corporate customers, collects electronic payments, receives invoices from its suppliers and sends payments with full remittance data. Their combined value of online invoices and payments exchanged over the network exceeds $54 million.
Recently, the Magic’s accounts payable team adopted Viewpost Express® early payment discounting, a feature that allows the Orlando Magic to optimize excess liquidity by offering payment on demand to suppliers in need of additional working capital.
The Orlando Magic has streamlined its procure-to-pay and bill-to-cash processes by leveraging all of the primary capabilities on the Viewpost network, including billing and collection, invoice receipt and payment, and now dynamic discounting. Managing the day-to-day business of running a professional sports franchise is challenging enough, and Viewpost believes that billing and collection shouldn’t be. For the Orlando Magic, the effort to simplify these operational processes has taken a giant leap forward with Viewpost.
Viewpost and Orlando Magic History and Success
By moving to Viewpost, the Orlando Magic and its corporate customers and suppliers have saved significant time and effort through improved productivity and collaboration. Additionally, by enabling suppliers to obtain payment on demand, the Orlando Magic has created a win-win for its Treasury team, the organization and its supplier population.
“Viewpost is like Facebook for B2B payments. It gives trading partners the ability to connect and gain immediate visibility into billing and payments data,” said Jeff Bissey, Vice President of Finance for the Orlando Magic. “On their secure network, we’re connecting online with our suppliers and corporate customers to streamline our processes and optimize cash performance. My accounting team loves Viewpost because it has freed them up to work on other key initiatives.”
In 2015, Viewpost first announced that the Orlando Magic had joined the network for its online invoicing product. Since then, the Magic has chosen to take full advantage of the Viewpost product suite. The partnership serves as an example for professional sports organizations and for any business seeking to unlock opportunities to eliminate transactional friction and improve trading partner relationships.
The Orlando Magic uses Viewpost to send online invoices to its corporate customers. In a little over a year, the organization has presented invoices worth tens of millions of dollars to more than 100 of its key corporate customers, including Pepsi, Amway, Fox Sports, JPMorgan Chase, Walt Disney, Florida Hospital and Anheuser-Busch Company.
By sending electronic invoices through Viewpost, the Orlando Magic can track the status of its invoices at any time to better see when invoices have been received, reviewed, approved and scheduled for payment. The Orlando Magic also utilizes Viewpost as its system of record for these invoices and payments.
Adding Viewpost Express
From an electronic payment and remittance perspective, team expenditures include a wide range of suppliers, from uniforms and travel to IT and logistics. Recently, the Orlando Magic’s accounts payable team enabled Viewpost Express early payment discounting to maximize risk-free returns for cash on hand.
Using Viewpost Express, the organization sets customized dynamic discounting rules to offer early payments to its suppliers. The earlier the payment, the higher the discount earned by the Orlando Magic. The organization has seen returns as high as 36 percent since activating dynamic discounting. With Viewpost, the organization has the flexibility to send payments to its suppliers via electronic payment, credit card or paper check. Suppliers connected to the Orlando Magic on Viewpost include Residence Inn by Marriott, Russell Brands and North American Van Lines.
“As is the case with any business, professional sports teams look for ways to improve efficiency, cut costs and capitalize on opportunities to earn greater returns,” said Max Eliscu, CEO of Viewpost. “We’re proud of our dynamic discounting capabilities, where providing risk-free working capital to suppliers enables the Orlando Magic to earn above-average returns.”
Viewpost North America is revolutionizing the way businesses transact with each other. Viewpost built the most trusted open business network to empower businesses of all sizes with real-time cash management for anytime operating decisions. On the secure Viewpost network, companies connect and exchange electronic invoices and payments with unprecedented ease and visibility, accessing working capital on demand. Enterprise clients using Viewpost to cut costs, increase efficiency and improve cash management include Accenture, Florida Hospital Medical Center, Georgetown University, the Orlando Magic and Whole Foods Market. With enterprise-grade security, including ISO 27001 and SSAE16 audited certifications and the TRUSTe Privacy Seal, Viewpost is partnering with financial institutions to bring cash management tools to business customers at U.S. Bank, Bank of America and Fifth Third Bank. Viewpost innovation has been awarded Best in Show by Barlow Research, Best CISO/CSO by FireEye Cyber Defense Summit, CSO50 Award (three-time honoree) by IDG’s CSO, and Best B2B Payments Platform by Tradestreaming. Since Viewpost was opened to the public in early 2015, the total invoices presented and payments processed has reached $71.4 billion across the network. Founded in 2011, Viewpost is headquartered in the Orlando area, with additional teams in Boston, Minneapolis and San Francisco.