Digital Remedy puts collections process on autopilot with YayPay

Download
Digital Remedy case study
ERP: NetSuite
CUSTOMER SINCE: 2017
INDUSTRY: Media & Advertising

Digital Remedy is a full service ad-tech platform designed to move campaigns from the initial RFP and planning stages, through to IO management and trafficking, and finally onto insights, reporting, and renewal. The platform is used by marketers, publishers, and influencers to solve their complex and evolving online marketing challenges using a combination of innovative technology and superior customer service. Digital Remedy’s solutions help target audiences better, continuously improve campaign results, and unlock additional monetization opportunities.

“We were sending hundreds of invoices each month. Following up with customers manually was tedious. Collections have improved after implementing YayPay.”

CHALLENGE

As a fast-growing martech company, Digital Remedy was enjoying growing its customer base and increasing its collection portfolio. However, there was a flipside. Their accounts receivable supervisor, Edyta Lipinska, was the sole person responsible for the billing process and this became an infeasible task when the invoices reached a particularly high volume. Digital Remedy hired an additional resource to support Edyta with the process, but it continued to be a growing challenge, and one that looked likely to become unmanageable over time.
“We saw an increase in our invoicing volume. Some of our customers received over one hundred invoices every single month. Following up with customers individually on outstanding invoices was time-consuming and tedious.”

A second time-consuming task was the need to manually predict when invoices would be paid. This involved analyzing complex data and identifying payment trends and customer behavior, in an attempt to anticipate challenges and potential cash flow problems.
The team desperately needed a tool that would ease the strain. It would need to easily integrate with Digital Remedy’s existing NetSuite ERP and provide a smart, automated solution for the collections process, as well as payment forecasting.

SOLUTION

YayPay by Quadient automated the company’s customer communications. This has made the follow-up process consistent and put Digital Remedy top of mind for customers, reducing the chance of them missing payment deadlines. An additional benefit the platform delivers is the ability to personalize customer communications.

Digital Remedy can choose the cadence at which communications are sent out, as well as the number sent, based on historical payment data. For example, if customers typically make payments on time, follow-ups can be kept at the standard level, but if a customer misses multiple payments, there is the option to increase reminders.

“YayPay is helping us save a lot of time”, Lipinska commented. In addition to this, YayPay’s payment forecasting has established a degree of precision that would be impossible to replicate using manual calculations. This means that Digital Remedy can be more confident in their payment predictions, and achieve a greater understanding of their cash position as a result.

YayPay has reduced the time and resources required to issue and follow-up invoices. The platform is the point of record for all communication between the collections team and their customers, and this has helped provide a single source of truth for the status of each customer account.

RESULTS

Digital Remedy has achieved a significant improvement in collections and the company’s customers are paying outstanding invoices at a faster rate. Lipinska has also noticed that customers are adopting YayPay’s dispute resolution tools. Resolving disputes faster is one of the techniques that Lipinska’s team have optimized with YayPay to accelerate cash flow.

“YayPay is very easy to use. We like that the platform is customizable as this allows us to tailor the software to both our collections process and our tech stack.”