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Our virtual cards have helped The Warranty Group swap hassle and headaches for simple, easy reconciliation.
As one of the world’s leading specialist insurance providers, The Warranty Group look after 4.5 million customers across Europe. By choosing Barclaycard Precisionpay Online, they’ve instantly sped up their payments process – and jumped from a reconciliation success rate of 50% to 99%.
“As an international insurance company, customers claim on their policy and we make purchases on their behalf to fulfil the claim,” explains Jacqueline Potter, Head of Operational Finance, The Warranty Group. “We were doing thousands of transactions on the internet with a manual process to reconcile against our claims database.”
The pressure to get these replacement parts to customers quickly meant staff were buying thousands of products online every month. As you can imagine, manually reconciling these was a tricky and time-consuming job.
“The success rate of first-time reconciling was low at around 50%. We were having to re-perform reconciliations numerous times to match entries.”
With Barclaycard Precisionpay Online, The Warranty Group can stop sharing a credit card. Instead, they now use one-off virtual cards with tight spend limits. It means staff have to enter clear data before they buy, which helps make reconciliation much speedier.
“We’re getting a first-time success rate of 99%,” says Lucinda Matthews, Treasury Manager. “It saves us hours every week. Before, three of us were working on matching purchases against our statements, now one person can do it all.”
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