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EML Payments (ASX: EML) has expanded its virtual payments platform in North America with a multi-year agreement to provide its services to a US company that provides accounting services to large restaurant franchises.
The Brisbane payments provider says the deal with Mize Houser, one of the largest accounting firms in the Midwest based in Kansas, will help it improve its systems with over 250 quick-service franchisee owners, operating about 1,600 restaurants in 38 states in the US.
In addition to CPA services and accounts payable management, one of Mize Houser's core services for franchisee clients is outsourced bill payment.
With EML's solution, Mize Houser's bill pay clients will be able to pay vendors faster by replacing paper cheques with single-use virtual payment cards or traditional direct debit.
"With around 20,000 vendors, Mize Houser will realise greater operational efficiency, and significantly lower printing and labour costs. Plus, Mize Houser's clients will benefit from the cost savings generated from the program," says Eric Mettemeyer, CEO of EML North America.
"Costly, time-consuming and fraud-prone paper cheques are still a common payment method in the North American accounts payable industry.
"EML is focusing on establishing more accounts payable outsourcing partnerships that help organisations like Mize Houser switch from paper cheques to virtual payments."
The virtual payment program is expected to launch towards the end of the first half of FY2018.
EML Payments Limited, which is number 29 in our 2017 Brisbane Top Companies list, issues mobile, virtual and physical card solutions to some of the largest corporate brands around the world, process billions of dollars in payments each year, and manage more than 800 programs across North America, Europe and Australia.
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