Sonoco Deploys Coupa Pay to Modernize Payments

Rhea-AI Summary

Coupa Software (NASDAQ: COUP) announced that Sonoco, a packaging solutions leader with over $5 billion in annual revenue, has successfully deployed Coupa Pay and virtual cards. This implementation enhances spend visibility and control, streamlining business processes.

Sonoco achieved over 90% of its expected transaction volume with Coupa Pay, eliminating non-approved supplier charges. Coupa's platform aims to provide better management of payments, POs, invoices, and expenses, positioning it as a vital business driver for Sonoco.

Positive

• Successful deployment of Coupa Pay and virtual cards by Sonoco.
• Achieved over 90% of expected transaction volume.
• Increased spend visibility and control while reducing risks.
• Streamlined payment processes, enabling better management of expenses.

Negative

• None.

SAN MATEO, Calif., Sept. 16, 2021 /PRNewswire/ -- Coupa Software (NASDAQ: COUP), a leader in Business Spend Management (BSM), today announced that Sonoco, a global packaging solutions leader with more than $5 billion in annual revenue, has successfully deployed Coupa Pay and virtual cards across the organization to gain enhanced visibility and control into its spend and transform business processes.

By implementing Coupa and virtual cards, Sonoco has been able to make the purchasing process more efficient and streamlined for its facilities, increasing spend visibility while reducing risk. 

Powered by Coupa's BSM Platform, Coupa Pay's easy-to-use virtual cards enabled Sonoco to better manage its spend and card program while providing its manufacturing plants with flexibility, streamlining its payment processes and providing greater visibility into pre-approved spend. Coupa Pay provides Sonoco with one place to process its payments, POs, invoices and expenses.

"Coupa's cutting-edge, fully unified solution provides our global company the speed and flexibility we need to pay suppliers while maintaining visibility into our transactions," said Elizabeth Mozley, director, center of excellence and category management at Sonoco. "We have already achieved more than 90% of our expected volume, a huge win in accomplishing a successful transition to Coupa Pay. We've also been able to maintain our card volume while eliminating extraneous charges from suppliers that were not approved, giving us better visibility into what we're paying."

"Sonoco was looking to find a best-in-breed solution to allow them to harness the innovation within the business spend management category," said Mark Riggs, chief customer officer at Coupa. "We are delighted to be working with Sonoco and look forward to the Coupa platform continuing to serve as a key business driver providing value across their entire organization."

About Coupa Software
Coupa empowers companies around the world with the visibility and control they need to spend smarter and safer. To learn more about how Coupa can help you spend smarter, visit https://www.coupa.com. Read more on the Coupa Blog or follow @Coupa on Twitter.

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SOURCE Coupa Software

FAQ

What is the significance of Sonoco deploying Coupa Pay?

The deployment of Coupa Pay by Sonoco enhances spend visibility and control, streamlining business processes and improving payment management.

How much annual revenue does Sonoco generate?

Sonoco generates over $5 billion in annual revenue.

What percentage of expected transaction volume did Sonoco achieve with Coupa Pay?

Sonoco achieved over 90% of its expected transaction volume with Coupa Pay.

What advantages does Coupa Pay offer Sonoco?

Coupa Pay provides Sonoco with a unified solution for managing payments, POs, invoices, and expenses, leading to greater visibility and control.