A Partnership Perspective
Presco Polymers’ story begins with a Texas entrepreneur whose ingenuity sparked a legacy of innovation. The Presco team works in two facilities in Sherman, Texas, with their PVC extruders and custom-designed marking product machines. Their focus: to be their clients’ first and best place to buy — and their team members’ last and best place to work.
Presco’s SVP and CFO David Chisum joined the company in 2014. His friendship with Commerce Bank’s Chris Holder and Jeff Strasner sparked Presco’s financial partnership with the bank. “Knowing their strong character and the way they handle bank customer relationships led us to examine opportunities at Commerce Bank,” David shares.
When David discovered the CommercePayments® virtual purchasing card program, he realized that his current payment plan was incomplete. Commerce Bank’s supplier purchasing solution was comprehensive, automated and helpful with fraud prevention.
David knew middle-market companies often struggled to find robust payment programs that offered solutions without adding more manual work for Accounts Payable employees. “Commerce Bank offers a team to help establish and implement the payment card,” David notes. “They engage with our vendors and overcome any obstacles. I was immediately attracted to that.” With this approach, suppliers were enrolled both seamlessly and continuously, and Presco experienced a higher utilization of the payment card than they’d been able to achieve previously.
That’s not all Presco accomplished with Commerce Bank’s payment program. With their previous payment card, Presco had to meet a threshold in order to achieve any rebates. “At Commerce Bank, we’re going to be paid a higher rate on more volume,” David says. “That’s a win-win.” In transitioning to Commerce’s virtual card program, Presco doubled the amount of their rebate. “By making marginal improvements each day, the aggregation results in a substantial gain over time,” David adds.
“Commerce Bank’s specialized team sets them apart,” David says. “The program is ingrained with the team. We’ve expanded the number of vendors taking payments and found a very quick ROI. That’s a game-changer for me.”