At a glance
Overview
Parx Casino, encountering challenges with traditional supplier payment methods, sought a payment solution to enable timely payments and reduce administrative efforts and costs.
Challenge
Parx Casino was determined to modernize supplier payments amid growth and while facing challenges including stringent supplier regulations, physical card usage restrictions, and complex government reporting requirements.
Solution
Citizens' virtual payment solution, supported Parx Casino by enabling faster payments and improving supplier relations.
Introduction
Parx Casino®, based in Pennsylvania, offers state-of-the art gaming, thoroughbred racing, live entertainment, promotions, and other events. Its partnership with Citizens has a rich history of development and innovation. With its long-standing oneCard - Citizens' business payment and expense management solution - in place since 2013, Parx Casino implemented its virtual card program in 2015 as an expansion to its treasury payment solutions.
The need for a virtual payments solution
Operating within the confines of a heavily regulated industry, Parx Casino is required to follow strict supplier engagement guidelines such as conducting business.
The traditional payment disbursement timelines were causing extended processing and approval issues associated with physical checks, straining supplier relations. Parx Casino was looking for a payments solution to enable more efficient and timely supplier payments while reducing internal costs and automating portions of the process.
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“While I joke about less paper cuts, the program provides the support we need to significantly reduce manual paper check payments and transition to a more efficient and secure payment process. With the limited resources we have and the exponential growth we experienced, we cannot imagine having the smooth and streamlined supplier relationship that we do without the Citizens program.”
Matt Hayes
Corporate Controller, Parx Casino
Why was a virtual card solution chosen?
Citizens' virtual card solution is a comprehensive virtual payment offering well suited to help solve Parx Casino’s challenges. The program was able to address Parx Casino’s concerns around resources and effort, facilitating a smooth transition of its supplier's payments to virtual cards. The training process to onboard accepting suppliers was straightforward enabling a quick transition for Parx Casino to become selfsufficient including training its own staff. When it came time for each supplier to process its first payment, the Citizens team provided support to answer questions, address exceptions and ensure the payment was processed. This proactive supplier payment support helps reduce overall supplier attrition and leads to improved spend volume growth.
Program benefits & success factors
Once the virtual card solution was successfully tested, Parx Casino went live with a pilot file of suppliers ready to be paid via virtual cards. In parallel, the full target supplier file was analyzed followed by pre-campaign and campaign reach-out. Since the first campaign, Parx Casino and Citizens re-connect every 12-18 months to campaign to a new target list of suppliers to continually expand and optimize the program.
Citizens' virtual card solution facilitated supplier adoption, integrated with existing processes and ERP systems, and kept the established AP process intact.
Impact & future
Parx Casino continues to prioritize offering virtual cards as the preferred payment option to any new suppliers joining its network, ensuring a seamless and convenient payment process right from the start. Its ongoing campaign plans include improving assessment and prioritization approaches for selecting suitable virtual card suppliers.
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Parx Casino® is a registered trademark of Greenwood Racing, Inc.
"Citizens" is the marketing name for the business of Citizens Financial Group, Inc. ("CFG") and its subsidiaries. “Citizens Capital Markets & Advisory" is the marketing name for the investment banking, research, sales, and trading activities of our institutional broker-dealer, Citizens JMP Securities, LLC ("CJMPS"), Member FINRA and SIPC (See FINRA BrokerCheck and SIPC.org). Securities products and services are offered to institutional clients through CJMPS. (CJMPS disclosures and CJMP Form CRS). Banking products and services are offered through Citizens Bank, N.A., Member FDIC. Citizens Valuation Services is a business division of Willamette Management Associates, Inc. (a wholly owned subsidiary of CFG).
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