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Case Study: Lytx

Lytx Photo of a truck dashboard.
Photo credit: Lytx website.

“Lytx was in the middle of an exhaustive research for an electronic payment solution when iCloudAuthority came recommended by our bank. After viewing the iCloudAuthority Payables demo, the superior functionality was immediately apparent and made the decision process simple. iCloudAuthority has become a trusted partner in finding NetSuite solutions that expedite daily business operations. I highly recommend the team at iCloudAuthority."

Bryan Morgan, Senior Treasury Analyst
Lytx

 

The Client

Lytx provides safety solutions and services designed to help truck drivers be safe. Lytx uses driver and truck metrics to protect 1,400 clients, more than 500,000 drivers and countless communities.

The Challenge

Lytx pays a tremendous amount of vendors using many different payment types (ACH, International ACH, Wires, International Wires, Check and Credit Card). The problem is that by paying using all these payment methods, it requires several FTE to cut checks and process ach and wire transactions. In addition, the fees for transactions were increasing each year of business while the company grew.

The Solution

iCloudAuthority provided a solution through Wells Fargo Bank which would allow Lytx to generate one payment file with all payment types and submit the payment file to the bank. The file was specific to the bank and resides directly inside NetSuite (Built for NetSuite – Native Suite App).

The Results

Lytx was able to leverage the use of the iCloudAuthority Payment Manager to pay Vendors using any payment method required. This reduced the amount of FTE and also saved additional costs for transactions. In addition, by using the Credit Card feature, Lytx was able to receive a rebate which amounts to thousands of dollars in additional savings each year.

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