ERP for Payment Companies: Freedompay Success Story

By GURUS Solutions

 

 

 

The online payment industry is fast-growing and in higher demand than ever. Ever wondered what a good ERP transition looked like for an online payment company? GURUS Solutions worked with Freedompay to help them move their growing business to the Cloud with NetSuite ERP.

FreedomPay is a Philadelphia based payment company with over a decade of experience in finance solutions. FreedomPay operates a commerce platform to support merchants in solving complex payment environments. They provide a variety of transaction solutions, including mobile payments, cashless solutions, virtual and remote terminals, payment processing, intelligent analysis, routing of promotions, incentives, and customer relationship management services.

Why Freedompay Came to GURUS

Freedompay first came to GURUS through a recommendation. They had a growing business and needed help in managing their exponential business growth. 
 
The goals they had in mind were:

  1. Replace their current Sage 300 system, which was unable to keep up with the growing demands of their business.
  2. Reduce the amount of time required for sales data entry, which took about 25 minutes.
  3. Simplify and organize their fulfillment process.
  4. Access more detailed and streamlined operational and financial analytics.
  5. Optimize the available search function for any data related to contracts, sales orders, and shipments to be able to search for all data in one place.
  6. Relocate contracts in one easily accessible location. At the time, Freedompay’s contracts were located in a hard drive, in .pdf format, which was a laborious process that led to many errors.

With growing demand and an expanding list of customers, these time-consuming processes were becoming a huge inconvenience for the team at Freedompay. 
Now, not only did this growing company have goals that they wanted to meet, but they also had certain requirements. 

Every company has its own set of requirements in relation business needs, and they need an implementation partner that understands those needs.  

Freedompay’s most important requirements were:

  1. As a payment company, it was important that NetSuite’s reporting complied with international requirements on financial reporting.
  2. Most importantly, Freedompay had only a 90-day window available to get NetSuite up and running for their business. 

 
Essentially, there was a lot to be done, and no time to waste. Keeping that in mind, the teams began working together to ensure that the deadlines and requirements were met! Remember, an ERP implementation team needs multiple different players to function.

NetSuite as an ERP for Payment Companies: The Solution 

With the joint expertise and dedication from both teams a NetSuite ERP solutions for payment companies was adapted and customized for Freedompay - all within the 90-day deadline.

Jimmy Arkin, Accounting Manager & NetSuite administrator at Freedompay, discussed Freedompay’s experience managing exponential business growth and working with the team at GURUS Solutions for their NetSuite implementation.  

Arkin boasts, “The knowledge of NetSuite and the ability to learn Freedompay’s business and really come and be almost a part of the team, almost like a Freedompay employee, and apply those thoughts to the NetSuite system was incredible.”

On the topic of the implementation process itself, Arkin says,

“We had a 90-day window to get this roll-out done, and with the GURUS team and a lot of work on both sides, we got it rolled out and it’s been so transformational for the company as a whole.”

Watch the full video testimonial with Jimmy Arkin, Accounting Manager & NetSuite administrator at Freedompay:

 

Some of the customized solutions that GURUS attained include:

  1. Customization around contracts and invoicing for usage-based billing.
  2. Integrated OneWorld as a replacement for Dynamics GP in order to automate consolidations, which would have otherwise required a full-time accountant to perform, using multiple GP instances.
  3. Automated ability to integrate with their other systems

Being able to work closely with the Freedompay team to truly understand their business, processes, requirements, and goals, allowed the GURUS team to create a solution that was truly tailored to Freedompay, like a perfectly tailored suit. 

Arkin speaks to the importance of such open communication and understanding, saying, 

“The speed with which they picked up our business and our different business models was beneficial to a great degree - and that was a major key to our success and the reason why we went with GURUS.”

Amazing solutions lead to even more outstanding results, and that is exactly what was achieved through this project. 

After implementing the customized NetSuite solution, Freedompay saw:
  1. Decreased Month-End Close Time

    The average month-end close time decreased drastically from 20 business days to 8 business days

    On this topic, Arkin comments, 

    “We send out over 8,000 invoices a month, and prior to NetSuite and the GURUS team, it took us about 20 days to close the books. (After the implementation) We shaved 70%, and Freedompay has expanded to open an office in Las Vegas, London - and a lot of that has been because of NetSuite and the GURUS team.”

  2. Decreased Sales Order Entry Time

    The amount of time allocated to entering sales order data decreased drastically as well, from 25 minutes to a meager 3 minutes

  3. Decreased Invoice Delivery Time

    And the trend continues! The time required to deliver customer invoices decreased from an average of 15 business days to just 12 hours.

  4. Reduced Errors

    Through the automated and seamless system integration, credit memos due to invoice errors reduced drastically.

  5. Automated Payment System

    GURUS implemented an automatic payment system, which now includes 93% of customers with delinquent payment history. This cuts down on collections efforts drastically and was considered a bonus value not included in the original objectives. Everyone loves receiving some extra great surprises!

  6. Increased Visibility 

    The executive team now enjoy far greater visibility into everything happening within the company, allowing them to keep up to date with changes or issues, and make informed decisions based on real-time data. 

  7. NetSuite CRM Implementation 

    The seamless implementation uncovered more areas for operational improvement within the company, leading to new opportunities including a NetSuite CRM implementation.
     
    Everybody loves a happy ending!

After the NetSuite Implementation 

Since moving their finance and supply chain functions into the Cloud with Oracle NetSuite, FreedomPay has expanded their business to new territories, including Las Vegas and London, and have shaved a staggering 70% off of the time that it takes to close their books.

Arkin himself calls the project, “A huge, smashing success!” 

He also goes on to add, “There are a lot of capabilities that NetSuite has right out of the box that we would not have known about if not for the GURUS team and their knowledge of that product.”

The benefit of having the right ERP implementation partner that can work to understand and adapt your NetSuite to your company’s processes and way of life, is unmeasurable. The better the fit for your company, the more results. As with this particular project, Freedompay was able to see results they had not even imagined to see at the beginning of the implementation.  
Arkin ends off with, “I would recommend them 1000% - every project that we have, I make sure that GURUS gets a call and is involved and to any company or customer we have.”

Working With GURUS

Do you want to work with GURUS?
GURUS Solutions is the #1 largest NetSuite ERP solutions provider across North America. As a NetSuite Partner, we specialize in everything from implementation, integration and training to rescues, support and custom solutions. Our team is recognized by Oracle NetSuite as an 8-year consecutive 5-star award winning partner.

Want to learn more about Freedompay?

 

 

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