ipaymy

ipaymy turns to Worldpay for expert guidance and advanced technology

Serving Australia, Hong Kong, Malaysia and Singapore, ipaymy is a financial technology company that offers a comprehensive solution to the common cash flow and short-term financing challenges faced by businesses of all sizes.

The company’s pioneering technology helps organizations streamline their accounts receivable and accounts payable processes through an easy-to-use, powerful, all-in-one payments platform that enables the use of personal or business credit cards to pay virtually any business expense, unlocking working capital and improving cash flow.

According to Catherine Szulyk, chief operating officer at ipaymy, “Our smart invoicing solution, Fetch, offers effective tools to help businesses get invoices paid quickly and on time. Whether you're a small business or a large enterprise, ipaymy can optimize cash flow and streamline payment operations.”

Strategic relationship with Worldpay

“Our challenge,” says Catherine, “was finding the right partner to not only support payment processing for our accounts payable and receivable products, but who was also willing to go beyond basic payment processing services and embark on a strategic business relationship with us. We wanted a provider who could work with us to identify new business opportunities and help us win deals holistically. We definitely found that with Worldpay.”

Having a reliable, secure payment system is key

Catherine notes that payments processed by ipaymy tend to be sensitive in nature – rent, payroll, supplier invoices and taxes. Ensuring these payments are delivered on time is critical as the repercussions paying any of these expenses late can be extremely disruptive or result in financial consequences to a business.

"As part of delivering on our service level and continuing to be a trusted financial institution to our clients, it's important that we receive our settlement from our payment processor on time,” she says. “Additionally, having a reliable, secure payment system that protects cardholder data and helps reduce the risk of fraud is paramount. Worldpay's innovative AI and machine learning technology, FraudSight, has been invaluable in keeping our defenses strong against fraudsters.”

Analytics also play an important role

Catherine cites how her organization has additionally benefited from utilizing Worldpay’s Pazien Pro payments analytics platform, which provides an automatic and consolidated view of all their various merchant accounts.

“Prior to implementing Pazien Pro, we had to manage each account individually, which was very time consuming and provided limited insights,” she says. “The Pazien dashboard now allows us to better track transaction activity all in one place, helping us reduce manual intervention and hours of report creation and reconciliation.

"The ipaymy payment operations team also employs Worldpay’s 3DS Flex solution, an advanced authentication service incorporating device detection and issuer monitoring, that supports both traditional 3DS and 3DS2, the new standard of authentication introduced by the major credit card schemes.

Transparent implementation process

Catherine calls the Worldpay set-up and implementation plan very transparent as it clearly identified – and adhered to – key milestones along the way.

"We worked very closely with both the Worldpay technical and the commercial teams to ensure we had the support we initially needed. Since that original implementation, we have had several other technical projects that have also been implemented. During all of those scenarios, the Worldpay team has been very knowledgeable and supportive.”

Notable results

The results achieved to date by ipaymy’s relationship with Worldpay have been exemplary, according to Catherine.

"Since partnering with Worldpay, we have seen significant improvements in results across multiple areas of our operations. Specifically, we have been able to shorten our settlement time in Australia by 50% and in Malaysia by 40%, which has helped address the cash flow challenges faced by many businesses.”

Growth in ipaymy’s enterprise business

In closing, Catherine cites Worldpay's willingness to collaborate and participate in various strategic discussions and projects as being a game changer for her organization – especially in the enterprise space where the payment flow can be more complex and involve higher volumes.

"Working with Worldpay has been a great experience that has provided us with numerous benefits beyond their expertise in payments processing. We have been able to focus on building out our enterprise business, which is on track to overtake our primary SMB business in terms of transaction volume. This is a testament to the scalability and effectiveness of the solutions provided by Worldpay, as well as their support in helping us achieve our growth objectives. We continue to look forward to working with Worldpay.”

At a glance

Objective

Finding the right consultative payments partner with innovative technology that could help ipaymy grow.

Worldpay solutions

Enterprise Payments Capabilities; FraudSight; Pazien; 3DS Flex

Impact

• Shortened settlement times (Australia 50%; Malaysia 40%)
• Better cash flows
• Expansion of enterprise business

“Since partnering with Worldpay, we have seen significant improvements in business results across multiple areas of our operations.”

Catherine Szulyk, Chief Operating Officer, ipaymy

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