User story - Youtopia
Our outstanding debtors have reduced and our customer service is better. For clients, they are all reducing their debtor days and some have gone from 60 days to 20 days in a few months.
David
Director, Youtopia
Company intro
Youtopia Solutions Ltd is a small but growing accountancy firm based in Milton Keynes. They work very closely with all of their clients as their Finance Department/ Finance Director to support them in their growth. Their clients operate in a variety of industries and use app stacks to streamline their processes. They provide their clients with data and insights which allow them to make key business decisions and focus on what they are good at.
Key benefits
- Invoices paid faster
- Improved customer relationship
- Instant reconciliation
Challenge
Collecting payments can be a burden to businesses and as such, often results in late payments. Slow settlement times and high fees only make things worse for businesses. Youtopia work with a wide range of businesses and finding a solution to accept payments easily while decreasing the processing cost and delays associated is a vital part of their work.
"Collecting payments for one-off work has been difficult and is always a pain to chase. Our clients sometimes struggle to be paid and that is mostly due to a lack of simplicity when setting up a payment."
A card reader is not convenient as it is another item to have to carry in order to collect payments. On top of that, accepting card payments is expensive. We have a powerful suite of technology through our mobile phones, so to leverage that to make and receive open banking payments is a no brainer.
"It can be a pain to make a payment when you need to go and find the card reader or set them up on the bank app."
Solution
Leveraging open banking, Crezco allows Youtopia and their clients to collect payments online without relying on the card schemes. Crezco processes account-to-account payments instantly. As the money moves from one bank account to another, card fraud is eliminated, as are any fees, delays and chargeback risks, Crezco also handle the reconciliation.
"Crezco shows on all of our invoices with a "pay online" button that makes it easier for clients to pay as soon as they see the invoice. Some prefer this instant payment rather than agreeing to direct debit as they feel more in control of their money."
Crezco integrates seamlessly with accounting software like Xero and handle payment reconciliation. By adding a "Pay online" button to the invoices, clients can pay easily without the need to share confidential card information or create a Crezco account. Instead they are securely redirected to their bank to log in and approved payment.
"For our clients, it’s been fundamental to improving their cash flow and helps to maintain their relationship with their customers as they no longer need to chase outstanding invoices. They have commented on how easy it is to set up and of course, everyone loves that it is free!"
Results
Crezco being simple, free and instant made picking them a no-brainer for Youtopia. They can collect and reconcile payments instantly, and share the same benefits with their customers.
Our outstanding debtors have reduced and our customer service is better. For clients, they are all reducing their debtor days and some have gone from 60 days to 20 days in a few months. Crezco has enabled them to be paid immediately when the invoice has been sent, this has meant they no longer need to chase the payments and have the "sorry I forgot” or “I couldn’t find my card reader” conversations.
With this partnership, Youtopia join thousands of companies using Crezco to improve their payments collection at no extra cost.
Next steps
Youtopia will continue to support their clients grow and develop, and Crezco remains an important part of that service.
We are always looking for new ways to streamline and support our clients. I am sure we will keep pushing Crezco to bring out new features that will take us to the next level. We are continually growing and a key part of our growth is introducing new technology such as Crezco, to our clients.
