Find out how this alternative lender used Modulr to reduce its onboarding time from 2 days to 5 minutes.
Liberis is a specialist business finance provider. It enables small business owners to repay what they’ve borrowed by deducting a small percentage from businesses’ customer card transactions.
Its process for reconciling merchant account receivables from card acquirers was manual and costly. In addition, Liberis’ customer service processes were lengthy: customer on-boarding took two days, and the staff were often unable to retrieve the data they required to resolve customer queries easily. Modulr worked with Liberis to address these issues, and improve its overall service offering.
Modulr’s payment APIs represent an opportunity to deliver the speed and flexibility expected by modern markets through existing systems. Its team has decades of experience in both technology and payment services, and its solutions are focused on maintaining control while opening up opportunities to achieve scale and growth. Modulr provided Liberis with its innovative payments technology to help deliver a faster, more flexible service to its clients.
Liberis easily implemented Modulr’s payments APIs, and this has enabled the business to achieve both an easier process for taking receivables from card acquirers, and improve its customer service offering.
By using Modulr’s technology, Liberis no longer has to use a tedious and manual process for reconciliation. Instead, this process has been completely automated using Modulr’s payment splitting capability. This has created the opportunity for Liberis to automatically split payments with the merchant acquirer directly involved in the transaction.
Liberis has since seen a significant cost reduction of 35% since overhauling this process. This has enabled Liberis to adopt a leaner business model, and has saved its back-office staff countless hours of manual batch file processing.
Liberis has seen a positive shift in its customer service offering. Modulr’s APIs enable customers to open accounts much faster, which means its on-boarding time has been slashed from 2 days to 5 minutes. Liberis’ team is now able to bring more SME clients on board than ever before. This demonstrates that Modulr has provided Liberis with a scalable solution that truly enables business growth.
This positive shift in service hasn’t just been limited to new customers; Liberis’ existing customers are also seeing the benefits. Jakub Zmuda, Product Director at Modulr, summarised: “Our partnership with Liberis enables them to cut transaction costs by a third, reduce account on-boarding from days to minutes, resolve customer queries much faster, and introduce rules which takeaway the admin headache. It adds up to a better service which helps retain customers.”
Create accounts instantly
As soon as customers are approved, they are provided with unique Modulr accounts. This has helped reduce customer onboarding time from 2 days to 5 minutes.
The Modulr API allows Liberis to trigger automatic notifications when funds have arrived into their accounts, so they know always know exactly where funds are.
Efficient receivables collection
Repayments to Liberis are automatically deducted from card transactions, reducing the need for manual account intervention.
Quick and simple reconciliation
With unique debtor accounts, notification of fund movements and payment splitting, reconciliations have become faster and easier.
Reduce technology support costs
By replacing manual processes with Modulr’s API, Liberis has been able to reduce costs by 35%.
Individual FCA regulated E-Money Accounts are held securely by Modulr, and can be controlled by Liberis through Modulr’s API
Clients can access Modulr services through multiple methods
Integrate Modulr services directly into your platform
Log in to manage customers, accounts and payments
Submit payment instructions
Instantly create and manage multiple accounts
Register clients for services and manage their accounts
Configure payment processing rules to automate payment flows
Initiate payments instantly
Know exactly when changes happen to your accounts
Seamless access to payment schemes
How Modulr works for Liberis
Modulr is a highly flexible and configurable platform to suite different business’ needs. The diagram shows how Liberis have combined the modules we offer to to enable a solution that’s right for them.
Liberis’ CEO Rob Straathof added: “We have seen some terrific improvements at Liberis thanks to Modulr’s payment APIs. Our customers’ feedback about our improved onboarding process has been extremely positive, and the team has noticed how much time we now save since getting rid of our existing manual payment processes.”
Modulr is backed by Blenheim Chalcot, the UK’s leading venture builder. Founded in 1998, Blenheim Chalcot specialises in building digital businesses that transform industries. It’s portfolio of companies has sales of over £300m, more than 3,000 employees, and a successful track record of building over 40 companies across IT services and outsourcing, education, financial services, software, sport and media.
Modulr Finance Limited, a company registered in England with company number 09897957 and ICO Registration: ZA183068, is registered with the Financial Conduct Authority as an EMD Agent of Modulr FS Limited. Modulr FS Limited is Authorised and Regulated by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number: 900573). You can check the Financial Services Register here.