Escheatment Information
At Finexio, our focus is centered firmly on our customers - we value their autonomy and trust them to make decisions that best suit their operational needs. Our choice not to engage in escheatment procedures is an integral part of our strategy, aiming to empower customers and provide them with a modern, more streamlined way of managing their Accounts Payable (AP) payments.
In traditional escheatment, uncashed, unclaimed, or unaccepted funds are turned over to the state after a certain dormancy period. This procedure can be complex, time-consuming, and fraught with red tape, sometimes creating unnecessary burdens on businesses.
Instead, Finexio adopts a more contemporary approach by refunding any funds from uncashed or unaccepted payments back to our customers. We believe this choice supports businesses in a more productive way.
Refunding offers customers immediate access to their capital, providing them the flexibility to reinvest, reallocate or redistribute the funds as they see fit. This minimizes the amount of money sitting idle and keeps the capital within the business ecosystem, fueling growth and innovation.
Furthermore, this approach promotes transparency. With a refund, there's a clear, easy-to-follow money trail. This eliminates the complexity and ambiguity associated with traditional escheatment processes
Lastly, by putting the decision-making power back into the hands of our customers, Finexio fosters a sense of trust and partnership. We position ourselves not merely as a B2B APaaS payments company, but as a customer-centric platform that prioritizes our clients' operational efficiency and financial autonomy.
In summary, Finexio's modern approach to handling uncashed or unaccepted AP payments through refunds rather than escheatment is more than a process – it's a testament to our commitment to putting customers first, optimizing their financial operations, and creating a more efficient, transparent, and agile business environment.”