FundTap can lend more money to small businesses because it gets paid with GoCardless. It has also built a simplified repayment experience that its customers love.
of customers pay by GoCardless, creating a reliable flow of cash into the business.
per week saved on payments admin thanks to seamless integration with Xero.
Cash on tap
FundTap is a fast-growing fintech whose mission is to support small and medium businesses in New Zealand and Australia, by providing financing against their outstanding invoices to boost cash flow.
“We provide on-demand cash flow for businesses to access money they've already earned, whether that's for unexpected expenses or opportunities for growth,” said Matt Peacey, Founder and CEO, FundTap. “It's our passion to see small businesses thrive and our ultimate goal is to provide a billion dollars’ worth of growth for customers.”
Easy, online and automated
FundTap has redesigned invoice financing from the ground up by creating a digital-only experience that works better for time-poor small business owners.
Getting paid on time to increase its own cash flow and maximise cash on hand to lend out is vital to its model. And in order to scale without increasing costs it must minimise financial admin. It has achieved both by integrating GoCardless with its Xero accounting software to automate payment collection and financial reconciliations.
“We were built from the ground up to be easy, online and automated,” said Matt. “Collecting payments with GoCardless from day one was an easy choice, because they have a significant amount of experience and, like us, they’re dedicated to driving automation and continuous improvement. They also have a strong integration with Xero and, between the three of us, we've got very aligned values around finding solutions to help small businesses.”
Admin slashed, for FundTap and customers
Today 100% of customers make repayments to FundTap via GoCardless, which means it consistently gets paid on time while saving a significant amount of financial admin.
“The integration between GoCardless and Xero is amazing and it’s critical to ensuring we get paid on time, so we always have cash for our clients,” said Matt. “When an invoice is created in Xero a future payment is automatically created in GoCardless."
Customers prefer FundTap’s automated and transparent payments experience, too, because it helps them to keep on top of their repayments. That also means fewer missed or failed payments for FundTap to handle.
“Our customers are time-poor business owners and they definitely prefer to pay automatically with GoCardless, because it removes another thing from their to-do list,” said Matt. “Making our payments experience online and automated means customers can easily change their payment date or check when it’s due, so they can make sure they've got the cash available to cover the repayment.”
Solid, secure partners
Looking ahead, FundTap’s Head of Growth, Shane Laurence, believes that FundTap's ecosystem of partners such as GoCardless and Xero will play a massive strategic role in the company’s future growth plans.
“Being able to rely on solid and secure partners who can automate a number of processes for us, allows us to focus our resources on sales, marketing, customer support, and product development,” he said.
This support will be important as the company explores new payment innovations and prepares for a period of international expansion beyond the Australasia region.
“The adoption of PayTo that GoCardless has planned, first in Australia and later in New Zealand, is an innovation we’re excited by, and one that will certainly help our cash flow,” said Shane. “Meanwhile, our growth plans include expanding to other countries where GoCardless also operates. Having them already integrated into our systems will make that process a whole lot more seamless.”