With the recent boom in the industry, FinTech companies across the country are scaling rapidly — or preparing to scale rapidly —to keep up with increasing demand, rising customer volumes, and ever-more-complex business models. But scaling successfully is no easy task, especially in a highly regulated industry like FinTech, where accuracy and accountability are paramount to success.
As with any kind of rapid change, steep growth can feel like a chaotic race to an invisible finish line, moving and reacting so quickly that there’s no time to consider the strategies and frameworks that would truly make that growth successful. But existing systems and processes, even the ones that worked well in smaller, simpler years, may not be agile enough to grow with your organization. If you keep relying on them, the result will likely be a set of fragile, patchwork systems that struggle to maintain the quality standards your organization — and the FinTech industry at large — require.
In fact, MGI recently reported that 44 percent of companies see their legacy systems as barriers to growth, and in the FinTech industry, those friction points are particularly painful as errors and delays can lead to security and compliance breaches with consequences far beyond customer frustration.
The solution to empowering rapid growth? Taking time upfront to build a foundation of strategies and systems designed to support massive scale and all the uncertainties and pivots that go with it.
At Gotransverse, we support scaling companies (in FinTech and many other industries) by helping them build that system foundation, providing an intelligent billing platform capable of handling clients’ ever-increasing customer volumes and billing models via out-of-the-box functionality for rating, configurability, and integration into existing systems.
Recently, for example, one FinTech company realized that their custom-built billing platform couldn’t keep track of their growing number of market campaigns, products, and pricing models. “We knew we had to migrate to a new billing solution that could massively scale to meet our tremendous growth – far more than one hundred million records per month – and still offer detailed transactional data for marketing analysis,” said a VP at that organization. “We considered different vendors, but only Gotransverse gave us the flexibility, security, and scalability we needed to get the job done. The Gotransverse order-to-cash platform was the only solution that could automate our billing processes, integrate with our existing systems, and aggregate data with the level of detail required for analytics.”
The Secret to a Billing System that Supports Growth? Automation.
At the same organization, closing the books every month was a very hands-on process. And they weren’t alone. McKinsey recently reported that 60 percent of B2B transactions require some kind of manual intervention, each adding 15 to 20 minutes to the process. Additional time requirements aside, these manually driven processes mean every change to the business model requires significant revisions to the process. The result: delays, billing errors, security lapses, and highly dissatisfied customers.
But a billing platform like Gotransverse — one that’s designed to automate every step of the order-to-cash process no matter how high the volume or how complex and varied the pricing models — takes that handholding out of the equation. The nearly limitless, rules-based configurability, consistently up-to-date regulatory compliance and high-volume capabilities of these intelligent billing platforms empower FinTech companies to grow and evolve, staying ahead of market demands and resting assured that every step of the process, from usage and rating to revenue reporting, is going according to plan.
As an example, another of our FinTech clients, Ethoca, had been using an in-house billing system and another cloud-based billing and payment system, but it was no longer doing the trick. With Ethoca’s high volume of transactions, its billing system needed to be capable of spanning the globe and handling limitless currencies and exchange rates as well as different pricing tiers and structures. So Ethoca replaced its existing billing provider with Gotransverse, and within three months of requirements definition, Ethoca had Gotransverse up and running with a billing system that supports 20 different rating models for all 5,400 merchants with over 1,500 invoice lines.
(Read the full Ethoca case study here)
Imagine managing that volume by hand, or even propping up and needing a billing specialist to re-configure a legacy system to keep up. The time, resources and regulatory risks involved hardly match the benefits. However, automating billing through an intelligent platform like Gotransverse’s will help your FinTech organization the foundation it needs to scale without limits.
If your FinTech organization is ready to empower growth by taking its billing capabilities to the next level, take a tour of the Gotransverse platform today, and call us to schedule your complimentary, personalized demo.