Reynolds, Corpay Partnerto Enhance Dealership Payables

Reynolds and Reynolds forged a partnership with Corpay, an S&P 500 and Fortune 1000 company, to streamline dealership payables processes through digitization.

“We are proud to partner with Corpay,” said Scott Worthington, Reynolds vice president of product management. “Corpay understands automotive retailers, their vendors and the unique accounting needs both have, specifically when it comes to payments.”

Dealerships often spend time printing and signing checks, mailing payments and reconciling cash flow. An electronic process can provide a more automated approach to payables with a detailed audit trail.

Electronic Payables Partnership

Through Reynolds Electronic Payables, dealerships can pay bills electronically and schedule payments when they are due. Under the partnership, Corpay facilitates vendor payments by check, Automated Clearing House or virtual card and works with vendors to encourage virtual card acceptance.

The companies said checks are issued through a custodial account created and secured by Corpay, rather than directly from a dealership’s bank account, reducing exposure of banking information.

Dealerships can collect rebates on virtual card payments. Corpay also provides a payment portal, AP Gateway, where customers can view payment statuses and manage certain enrollment tasks.

“Reynolds and Reynolds is a trusted leader in the automotive space, and Corpay is proud to partner with their team,” said David Vieregg, Corpay general manager and president of channel partners. “By aligning our solutions, we’re enabling dealerships to gain greater control, visibility and efficiency across their payment operations.”