How the One Card and Virtual Pay transformed efficiency and ROI
MPW Industrial Services started as a three-man truck-washing business and evolved into a multifaceted corporation that employs more than 3,000 people across more than 70 locations. Founded in 1972, the large industrial cleaning company now provides water treatment and facility and environmental services to thousands of clients in North America.
MPW improves operating reliability and profitability by coupling the best trained professionals with the most innovative technologies. The company’s focus on hard work, innovation and exceeding customer expectations has enabled it to succeed.
The challenge: Consolidate multiple corporate credit card programs to increase efficiencies and ROI
The solution: Switching to U.S. Bank One Card and U.S. Bank Virtual Pay
The search for a single payment solution
MPW previously used two card programs from different issuers. As a result, they weren't optimizing efficiency or ROI and experienced administrative challenges as well.
MPW wanted a single commercial payment solution that worked for travel as well as procurement expenses. The company also wanted to improve their efficiency in processing payments, reduce administrative burden, maximize rebate revenue, and partner with an issuer that provided the ability to scale their payment program as it grew.
Why the switch?
In its RFP, MPW estimated their annual corporate credit card spend volume at $3.1 million and requested a three year deal. MPW’s business consultant at U.S. Bank noticed that the company’s estimated annual commercial card spend volume was unusually small relative to their company size – and decided to dig a little deeper.
He requested a file of vendors that MPW paid and indicated that there may be opportunity to grow their corporate credit card program and increase rebate revenue. The ensuing vendor file analysis uncovered $12 million in annual spend that could be moved from check to corporate credit card and virtual payments by changing the way they paid suppliers.
In the end, MPW implemented the U.S. Bank One Card and U.S. Bank Virtual Pay, which improved their payment efficiency, reduced their administrative burden and helped them significantly grow rebate revenue — all driven by changing the way payments were made. The business consultant’s willingness to ask the right questions, and MPW’s openness and willingness to collaborate, were crucial to making it all happen.
Benefits of Virtual Pay include increased rebate, streamlined accounts payable processes, greater control and enhanced float.
Keys to a successful implementation
Partnership and collaboration don’t end with the decision to move forward with U.S. Bank commercial payments products. Working together is key to a successful implementation process.
Because MPW had previous experience with an electronic payables program, they weren’t starting from scratch. The switch to Virtual Pay went smoothly, though some changes were required. MPW’s IT, accounts payable and finance units worked with the U.S. Bank team to facilitate the implementation.
U.S. Bank worked closely with MPW to make sure all their needs were met each step of the way. To ease the transition for their suppliers, MPW leveraged the dedicated supplier enrollment team at U.S. Bank.
The start of a great partnership and relationship
U.S. Bank and MPW continue to search for opportunities to gain new efficiencies in payment processing, increase vendor acceptance of Virtual Pay and One Card, and grow MPW’s commercial payments program.