Volvo Financial Services
Volvo Financial Services (VFS) is the captive financing arm of the Volvo Group, providing financing and insurance solutions to the Group’s retail customers and dealers. With the ambition to be an innovation leader, VFS develops solutions that deliver an exceptional customer experience. Read on to find out how Volvo Financial Services leveraged Payers platform as part of a solution that helped to digitalize B2B payments for service and repairs.
An integrated B2B payment solution
Payer’s B2B payment platform was the ideal solution to help VFS to achieve this. VFS’ integration partner Sigma utilized Payers platform to design a solution to establish complete transparency between the service station and the haulage company.
The solution, which is tailored for Volvo’s specific needs, simply sends a mobile notification to a manager at the haulage company about the service order so that he/she can approve and pay it directly. After the approval process is made, payment is done in real-time which also simplifies the back-end reconciliation of payments in Volvo Financial Services’ ERP system which is SAP. This will enable a new way of handling digital payments, including digital communication, reservations and payment captures without losing valuable time.
The benefits of the solution are linked to cash flow, credit risks, and reconciliation. Customers will now enjoy faster access to service, improved uptime, and a new convenient way of making payments in order to get the truck back on the road as quickly as possible.