The Client
McQueen Autocorp is a leading US-based used car selling company with a buyer network spread across the entire United States. McQueen Autocorp offers a nationwide modern car selling service, facilitates sellers with an instant offer for their car(s) using price prediction algorithms and real-time bids from an extensive network of licensed buyers.
Disclaimer - The name McQueen Autocorp is a placeholder as there is an NDA signed between both parties.
Challenges
Our client made manual payments to multiple vendors using a third-party application.
- Separate invoices had to be generated via the third-party app and updated in the client’s system.
- Individual files increased errors and rejections due to broken workflow.
- Duplication of invoices became a prominent issue.
- Other limitations are time constraints, labor, errors in entries, cluttered processes, and inefficiency.
Solution
We understood the client’s payment cycle and plan.
- Analyzed the client’s payment cycle and transitioned from manual to Automated Clearing House (ACH) payments.
- ACH enabled secure online payments without requiring credit card details.
- Ensured compliance with National Automated Clearing House Association (NACHA) guidelines for both sender and receiver.
Results
The solution developed benefitted the client in significant ways:
- Standardized maintenance of payment record, invoices
- Elimination of errors in payment due to automation
- Elimination of manual record-keeping
- 75% faster processing of payment
- Cost-reduction due to elimination of third-party tool
- Centralization of the finance platform
- A smooth experience for the client’s finance team
