User story - Wren Accountancy
"Crezco is a great payment option, and we like to give our customers as much choice as possible."
Ravi Kesari
Director, Wren Accountancy
Company intro
Wren Professional Services is a general accountancy practice servicing around 600 SME clients out of Beeston, Nottinghamshire. Wren’s mission is to help their clients make more money and keep it. Providing all the traditional accountancy services, since 2002 Wren Professional Service have worked tirelessly to add more value and closely collaborate with their clients, who use a range of accounting software including Xero, QuickBooks and FreeAgent. Wren is part of the Xeinadin Group, an extensive group of more than 2000 advisors spanning the UK and Ireland.
Key benefits
- Improved payment conversions
- Saved time reconciling payments
- Improved profit margins
Challenge
Covid presented businesses with a string of different and difficult challenges. It was perhaps unsurprising that many businesses were late to pay invoices, while others neglected to pay them completely. Within this uncertain climate, it was especially important to provide customers with an easy-to-use and fast payment solution.
"We’re still seeing some issues around Covid, general uncertainty that is making it difficult for some of our customers in planning their next moves. We also see issues with some payments, typical of most firms you have some customers who are great at paying and some that are terrible. We always try and make it as easy as possible for our customers with the best solutions we can find, thankfully Crezco ticks that box and lets our customers pay us then and there."
A lot of payments are still made using manual bank transfers, proposing a direct way to pay online conveniently increases the chances to be paid immediately.
Solution
Wren Professional Services selected Crezco because of its account-to-account payment solution. Crezco allows Wren Professional Services to generate QR Codes or payment links in seconds and to send them to their customers online. Each payment demand is securely connected to the clients' bank account with the correct invoice details and reference immutably pre-populated into the payment demand, reducing the risk of failed payments, invoice fraud and assuring reconciliation the client side is a breeze.
"Crezco is a great payment option, and we like to give our customers as much choice as possible. The solution allows them to pay from their computer or smart device in a couple of clicks and it’s great for us as the money is in our account straight away, reconciled and we’re not paying fees."
Leveraging open banking, Crezco provides free, instant and frictionless payments securely. Customers do not need to share sensitive payment information online and businesses do not need to store debit card or bank account details. All payments use strong customer authentication and allow customers to securely log into their bank accounts to approve the transaction instantly.
Results
Because Crezco is innovating with new and secure payment technology, Wren Professional Services was able to offer their clients a payment solution which improved checkout times and reduced late payments without having to accept expensive card fees. Before Crezco, such a free payment solution wasn't possible given the costs associated with card payments. Customers appreciate the increased convenience and are more likely to pay tiresome invoices instantly.
With this partnership, Wren Professional Services join thousands of companies using Crezco to get paid on time with no fee.
Next steps
Wren Professional Services will keep helping their customers and creating new services.
"Over the next couple of months, we will continue developing more services to help clients. We’re going to be focusing on advisory and growth planning whilst helping our clients overcome any obstacles that come their way."
