How Veraset reduced overdue payments by 50% at the height of Covid


  • Nicole Tilley

    Director of Customer Success @ Veraset

  • Emmaline Swanson

    Head of Operations @ Veraset

Veraset

-50%

Overdue payments

-75%

Time spent collecting

Veraset

Business

Data as a service (DaaS)


Invoices per month

20+


Customers

Startups, Enterprises and the Public Sector


Tools

QuickBooks


Key takeaways

  • 50% reduction in overdue payments in 3 weeks
  • From 3 automated payment reminders to 10 customized per customer
  • -75% reduction in time spent tracking down invoices

Company

Veraset fuels innovation by providing high-quality movement data to problem solvers and data scientists in startups, enterprises and the public sector.

Challenges

Veraset serves a diverse set of customers ranging in size and industry. This requires specialized communication with customers around payments and demands a team approach to cash collection. Stakeholders across their business - finance and operations, customer success, and C-level management - all need collaborative common ground for an efficient order-to-cash cycle.

A mishmash of tools supporting their cash collection meant manual work and information asymmetry.  Conventional communication methods like Slack and email worked ok, but storing and tracking key information like account notes remained a challenge.

A limited number of Quickbooks seats denied some stakeholders immediate access to critical data and made reporting and analysis a largely manual process.

The reason we weren't collecting as quickly was on us. We didn't have the right tools in place for our customers to access the information they needed in order to make payments.

Emmaline Swanson, Head of Operations @ Veraset

Solution

Upflow has simplified and strengthened Veraset's toolset. Seamless, real-time integration between Quickbooks and Upflow enabled huge gains in operational efficiency. Automated reporting not only saves time, but also makes it simple to measure cash collection performance and continuously improve their process.

Upflow's intuitive interface has made it easy for non-finance stakeholders to use the platform and keep finance, ops and business teams aligned from a single source.

Better internal collaboration has meant better customer communication, and ultimately faster payments. Veraset quickly set up a workflow of personalized customer reminders, first from their success team, and escalating to their C-level if necessary.

Upflow gives transparency to the operations team and our finance team syncing with QuickBooks, allowing us to have a consistent face to the client.

Nicole Tilley, Director of Customer Success @ Veraset

Key takeaways

  • Better internal processes can have a dramatic impact on customers' payment habits. In the first three weeks of using Upflow, Veraset saw a 50% decrease in overdue payments.
  • -75% reduction in time spent tracking down invoices

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