X

Advice and Information for Finance Professionals

Fast-Growing Fintech Ready for the Future with ERP in the Cloud

Guest Author

By Carrie Klepzig, Global Marketing Director and Fanni Stalzer, Cloud Marketing Manager, IT Convergence

Payscout is one of the hottest startups in the Fintech industry. For the past three years, Payscout was recognized by Inc. Magazine on its list of fastest-growing companies. Headquartered in California, the company now has six offices around the world and supports thousands of clients.

Payscout offers payment processing for both brick-and-mortar and ecommerce transactions. It has earned acclaim as a next-generation provider of merchant banking services, specializing in online/ecommerce retailers with a predominant proportion of “card-not-present” (CNP) transactions. The company’s “Go Global Now” technology gives merchants instant access to 100+ countries, billions of consumers and trillions of dollars.

Because of its rapid expansion, Payscout quickly outgrew its finance technology. The company was using a basic online accounting solution and an outsourced invoice processing company. The system could not scale without additional costs and overhead.

Implementing ERP Cloud in 9 Weeks

One of Payscout’s cultural attributes is “Always Learning,” and they wanted to partner with a team that was committed to taking the time to learn about Payscout’s business model and the many payment gateways Payscout integrates with (VISA, Bank of America Merchant Services, MasterCard and others).

Payscout approached IT Convergence (ITC) to help them implement and leverage the scalable architecture of an ERP cloud solution. ITC brings a learning-based approach to enterprise integration. It was this partner-centric core belief of ITC that convinced Payscout to put their trust in IT Convergence and partner with them to implement the solution.

IT Convergence was able to gracefully implement Oracle ERP Cloud and work through complex integrations with Payscout’s existing credit card processing platforms—in only nine weeks. The entire suite was implemented by incorporating best practices specifically tailored to the needs of the finance industry.

As a result, Payscout was able to automate its invoice processing and report generation process. They could stop exporting spreadsheets manually and continue their growth trajectory without adding costs.

In addition, with Oracle ERP Cloud, Payscout can efficiently do sales and revenue reporting, track by merchant codes, and much more—all of which is built in to the solution.

“The strength of Oracle ERP Cloud will enable us to better support the entrepreneurial dream of our global client base,” said Payscout’s Chief Financial Officer, Dan Gardner.

Integration Made Easy

ITC's strong integration background helped Payscout to integrate its Oracle ERP Cloud environment with its many payment gateways. As a result of the implementation, Payscout achieved rapid ROI without a costly “rip and replace” approach that would have required significant downtime and disrupted daily business operations. In addition, Payscout could get rid of the manual reconciliation work that it has been doing for many years, saving valuable time and staff resources.

“The IT Convergence team was a great partner for us in the development and deployment of Oracle’s robust technology stack. We now have an enterprise ERP cloud service that supports increased productivity and accelerated business performance,” added Gardner.

“Payscout’s support for IT Convergence to explore their business process and provide the best solution resulted a very successful cloud implementation. Our team gained substantial experience during this project, specifically regarding connecting Oracle ERP Cloud to various payment gateways for running day-to-day payment operations. Our strong in-house Oracle Cloud expertise along with a well-defined implementation methodology, and strong support from Payscout enabled us to implement the solution at a rapid pace,” said Sudhir Dubey, Vice President of Professional Services at IT Convergence.

IT Convergence and Payscout are committed to establishing a long-term collaborative partnership—creating an IT roadmap that can carry Payscout into the future by implementing industry-leading technology solutions that can scale with their business needs and growth.

Read about how another IT Convergence financial services client, Beneco, went live with Oracle ERP Cloud in only two weeks!

 

Be the first to comment

Comments ( 0 )
Please enter your name.Please provide a valid email address.Please enter a comment.CAPTCHA challenge response provided was incorrect. Please try again.Captcha