Veriphy performs anti-money laundering, people and company checks for businesses, including estate agents, solicitors and accountants in the UK and globally.
Flexibility is key to Veriphy’s business model, says Director, George Ford.
“The number of checks an organisation does varies widely - depending on how many new customers they have. We operate on a no-subscription, no-minimum use model, so customers might not use us for a couple of months and then use us a lot - it’s a very flexible model and it needs to be.”
Veriphy invoices customers each month for variable amounts - and accepts payments through different methods, including cards, cheque and bank transfers.
Keeping track of payments
With this variety in payment amounts and payment types, chasing and manually reconciling payments was becoming an onerous task for Veriphy - and 20% of its invoices were falling overdue.
“Clients wanted to pay, but the invoices were easily missed or forgotten. Getting chased for payment doesn’t make anyone’s day,” says George.
In 2013, Veriphy began to look for a more automated solution. At the same time, some of the business’ customers were asking to pay by Direct Debit.
George explains: “Many of our customers said it was easier to pay that way - since they could set it up once and know that, no matter how many checks they were asking for that month, the payment would be automatically made.”
Selecting a Direct Debit provider
Veriphy made the decision to offer Direct Debit to customers - and George began to research solutions. “I looked at the many providers - most were clunky, clumsy and expensive,” he explains.
The Veriphy team wanted a cost-effective solution that worked with their billing platform, KashFlow. It was then that they discovered GoCardless.
“I didn’t want to have to check two different systems,” explains George. “So the fact that GoCardless is integrated into KashFlow is very important.”
Simplicity and ease of use were also important in the selection process, says George.
“Any provider we use has to pass the simplicity test – is it simple to understand and implement? – GoCardless fits that bill perfectly.
“When you’re going to implement a new system, you set aside a few hours to a few days. I was stunned at how easy it was to set up GoCardless for KashFlow – it was literally minutes. A few clicks and we were away.”
Taking regular payments with GoCardless has also been easy, reports George. “It’s a very stable and robust platform,” reports George. “It’s so simple and intuitive that I rarely have cause to contact the team. When I do, they respond quickly and solve issues without any fuss.”
Around a third of all Veriphy’s invoices are now paid by through GoCardless. The number of invoices paid late has fallen significantly - from 20% to 3%.
That means better cash flow and less time chasing payments. “Overdue invoices are virtually non-existent and that makes us happy!” says George. “The time we spend chasing unpaid invoices has reduced significantly - we’ve probably saved a day a month there in total.”
Using GoCardless through KashFlow also means the team benefit from automatic reconciliation. “I can collect a Direct Debit and forget about it,” says George.
GoCardless pays the money into my account and it updates KashFlow. It saves me a couple a days a month in reconciliation.”
George and team also report cost-savings. “GoCardless is very inexpensive - compared to other Direct Debit providers we looked into and also compared to card payments.”
Feedback from Veriphy’s customers about paying through GoCardless has been positive says George.
“Our clients like that they don’t have to schedule payments against our invoices – it’s one less task they have to do.” And for new customers, George adds, Direct Debit is “an added convenience for those who want it”.