Improve the invoicing process
Security company Securator started in 1999, and today it is the leader in ID-protection and general security in Sweden, Norway, Finland, Poland, Russia and Ukraine.
The company operated its business by invoicing its customers in a one-off basis for services that would last between 12 and 36 months. This generated a relatively high customer churn, and little opportunity for upselling other
Additionally, the nature of the invoicing process resulted in a difficult to manage liquidity, with periods of high influx of payments.
Designed and implemented new flexible invoicing options.
This allowed the incorporation of new services and products to existing subscription accounts from customers, merging the payments into a single monthly invoice covering all services.
Fintech took over the financing and administration of subscription accounts, being responsible for monthly invoicing of the client’s customers.
Finally, Fintech created a customer solution to deal with customers’ invoice issues.
A successful transition and operational excellence
- Client started with no subscriptions, and today they manage 100,000 accounts.
- Improved invoicing process with the incorporation of monthly subscription payments instead of upfront payments (every 12, 24 or 36 months), leading to upselling opportunities and significantly improved margins.
- Reduction in customer churn rates due to monthly invoicing and recognition of brand.
- Economies of scale with client’s existing customer service centre acting as a sales channel for upselling opportunities.
- Reduction in the number of bad debts.