Industry: Loyalty
Client Overview
Payback is India’s largest multi-brand loyalty program, enabling customers to earn and redeem coins across a wide range of categories and brands. With numerous online and offline partners, Payback integrates retail, groceries, fuel, travel, entertainment, and more into a unified loyalty system. Managing payments to this vast network of partners involved complex processes that relied on manual handling, leading to inefficiencies.
Challenges
- High Volume of Transactions: With Payback’s multi-brand partnership structure, managing invoices and payments from multiple vendors across various categories created an overwhelming workload for the accounts payable (AP) department.
- Delayed Payments: The manual processing of vendor invoices led to payment delays, impacting vendor relationships and complicating the financial reconciliation process.
- Error-Prone Manual Entries: The use of spreadsheets and manual data entry resulted in frequent errors and inconsistencies, especially given the volume of transactions handled across diverse categories.
Solutions Implemented
Payback implemented IQInvoice’s AP automation solution to streamline their accounts payable processes, improving accuracy, speed, and overall operational efficiency.
- Automated Invoice Processing: IQInvoice automated the ingestion, validation, and approval of vendor invoices, reducing manual intervention by over 80%. Invoices are now automatically processed and routed for approval as soon as they are received.
- Real-Time Updates to Accounting System: IQInvoice integrated seamlessly with Payback’s existing accounting systems, allowing real-time updates on invoice approvals and payments. This drastically reduced delays and enabled faster, more accurate financial reporting.
- Error Reduction and Compliance: IQInvoice’s intelligent validation checks ensured all invoices met Payback’s compliance standards, significantly reducing human error and providing a high level of accuracy in payments and regulatory reporting.
Results
– Reduced Processing Time: The time required to process and approve invoices decreased by 75%, allowing Payback to process hundreds of invoices in just a few hours rather than days.
– Improved Accuracy: With automation in place, manual data entry errors were reduced by 90%, ensuring higher accuracy in AP operations.
– Cost Savings: The automation of AP processes led to a 60% reduction in operational costs, enabling Payback to reallocate resources to other critical functions.
– Faster Vendor Payments: The streamlined process enabled faster payments to vendors, improving Payback’s relationships with partners and strengthening long-term collaborations.
Testimonial
“IQInvoice has been instrumental in transforming our accounts payable operations. What used to take days of manual work is now completed in hours. The level of accuracy and efficiency we’ve achieved has exceeded our expectations, allowing us to maintain stronger relationships with our partners by paying them faster. We couldn’t be happier with the results.”
Finance Manager Payback India
Conclusion
IQInvoice’s AP automation platform helped Payback revolutionize their financial operations, providing faster invoice processing, reduced errors, and improved vendor relationships. The partnership allowed Payback to focus on its core business of offering unmatched loyalty benefits while ensuring seamless financial processes in the background.