CSI Enterprises: Replacing Paper Checks, One at a Time

CIO VendorKeith Stone, President & CEO
Keith Stone is extremely proud of his company achieving profitability right from the first year. This success story had him re-engineer CSI‘s business path–initially focused on fleet management and fleet fuel cards-to include B2B electronic payment solutions. “Corporate spending innovations are ushering in alternative processes to replace costly paper check disbursements with electronic payments,”says Keith Stone, President and CEO, CSI Enterprises. Leveraging cloud computing, CSI brings the concept of controlled spending to enable customers to process payments through the Web. The company’s globalVCard paysystems, Software as a Service solution, allows accounting departments to replace costly paper check payments with single-use virtual cards, while automating the entire process and generating revenue

Headquartered in Bonita Springs, FL, CSI’s flagship software globalVCard paysystems is the engine behind its accounts payable solution that provides a customized, secure and controlled way to manage all vendor payments. The software can be integrated with 32 different accounting software systems, including those from Sun and Oracle to create a simple reconciliation process with built in workflows that allow authorizations, tracking and controls. In terms of ROI, the stated cost of the entire check writing process–estimated to be between $4-$20 per check -is an immediate savings for every check eliminated when a vendor converts over to the card. CSI also offers minimally one percent cash back for all payments that flow through the system, with operational efficiencies contributing the most significant ROI. The company’s financial payment products include virtual credit card solutions, mobile payment applications, corporate purchasing cards, and business fleet fueling and maintenance cards

"Reconciliation is made simple and for the accounting department, the transition from check to card is relatively easy"

CSI charters effective communication with customers to ensure enablement of vendor transition from check to card. For instance, a five star hotel chain with properties spread across 23 locations wanted to move away from the paper based accounting system. CSI’s solution in the virtual card space and its industry leading vendor enrollment team acted instantly to garner acceptance from 50 percent of the merchants who were already accepting checks to convert over to card. The Hotel chain has totaled more than 4 million dollars in savings. “The efficiency, the revenue and the overall control offered with virtual cards are unmatched. The single-use card has all kinds of built in controls for fraud, for example, it will be specific to the merchant, for the exact amount, and within the stipulated time frame,” states Stone. “Reconciliation is made simple and for the accounting department, the transition from check to card is relatively easy,” he adds. CSI currently serves approximately 80 percent of luxury brand hotels in the United States and Canada as well as hundreds of companies in media, advertisement, sports, healthcare, construction, entertainment, and non-profit organizations.

Mobile plays the most significant part in CSI’s growth plans. The company’s award-winning mobile payment app is specifically designed to facilitate secure B2B payments—offering flexibility for employees on-the-road. Single-use virtual MasterCard numbers are generated for a specific amount from the mobile device that can be used to purchase goods or services online or over-the-phone, wherever MasterCard is accepted. CSI is intent on enhancing their mobile delivery product. “It’s a tremendous application with many use cases and our customer base has many significant brands already using it,” says Stone. “Our near-term roadmap includes enhancing the existing features with new travel and e-tables capabilities.”

With CSI’s growth rate quadrupling every year, Stone says, “The exciting thing about the e-Payment space and the opportunity is that you will never go back to paper checks once you have converted to card. As new service providers enter the market, it’s definitely not a quick entry and we want to make sure that we are the best stewards in the market today to do it right".

CSI Enterprises

Bonita Springs, FL

Keith Stone, President & CEO

Offers secure and controlled corporate payment products