When Esker started looking to add payments to its cloud-based TermSync platform, the company needed a trusted partner that would treat its customers fairly and deliver an innovative solution. Esker chose Wind River Financial, and here’s why.
About Esker
First things first, a little background on Esker. Esker is a leader in cloud-based document process automation. The company’s cloud-based TermSync platform is a product developed to help improve customer communication and payment experience around accounts receivable (AR) and collections management processes.
The need
Esker found that many business-to-business (B2B) suppliers were looking to get paid faster (i.e., reduce their DSO) and enable their customers to make payments more efficiently and without expensive custom development projects.
With the growing prevalence of B2B credit card payments, Esker knew the business case for adding payments to their TermSync platform was compelling.
The challenges
In the company’s search for the right partner to lead them through the process of adding payment to TermSync, a few challenges emerged:
• Minimizing risk for loss of card data – Software vendors have increasingly become a high-profile target for credit card breaches and theft. Loss of payment information would severely impact both Esker’s bottom line and its brand reputation.
• Avoiding confusion around rules, regulations and compliance – Esker was looking for a hands-on approach. Many providers offered APIs and various integration methods with little guidance as to how to effectively utilize the technology. Unfamiliarity with the credit card industry and nuances associated with integrating B2B credit card payments led to confusion and frustration.
• Enabling clients with a solution to manage costs – Many B2B credit card-accepting suppliers were looking for a way to manage their ongoing credit card fees.
Wind River’s solution
Wind River Financial’s solution started with a custom integration project plan specific to Esker’s objectives. Wind River and Esker worked together to outline the scope and then develop a plan to address each challenge. The final result represented a unique and innovative solution, the likes of which had never been seen before in the B2B payment world.
WRF created a hosted page, which eliminated payment information from being transmitted on Esker’s TermSync platform or their customers’ networks. Tokenization was utilized for secure card storage to ensure safety and adherence to best practices.
WRF also implemented key B2B features to manage costs, including:
• Surcharge Strategy – Key rule changes in 2013 enabled B2B merchants to pass on the full amount of the fees charged to the cardholder.
• Level 3 Qualification Program – Automated passing of key elements to ensure the lowest interchange rate from the card associations.
• Ongoing program reviews to ensure satisfaction and program growth – Ongoing reviews are a place to discuss key ongoing service questions, identify potential resolutions and provide marketing support. By engaging in regular joint calls, WRF could consult and relay emerging payment topics and introduce new best practices.
Don’t take our word for it
Here’s what Steve Smith, Esker’s US Chief Operating Officer, had to say:
“Wind River has been a fantastic partner that we have built our AR and collections management product with. We leaned on their expertise in the world of B2B payments to create several payment features that gave our platform a leading edge over some of our competitors. Their approach to treating customers and delivering value aligns exactly with what we were looking for in a strategic partner.”
Read the full story
To learn more about the Esker-WRF partnership and read the full case study, click here.
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