What is PayorCRM?
PayorCRM automates invoice reminders and provides customers a portal to pay and see invoices. We asked them 8 questions, as a part of our “What Is” blog series, to learn more about their app and their company.
What is your App’s name, what do you do, & when did you get published on Intuit’s Apps.com?
The app is called PayorCRM. It helps businesses get paid on time by providing the following features
Automated payment reminders with payment buttons allowing one-click payment
Provides a customer portal where customers can see their invoices and pay
Automate recurring ACH and credit card payments among other things.
In short, it is a complete receivables management suite.
Our App was published in the Quickbooks app store in the month of September 2018
What was the main problem you were trying to solve when you first developed PayorCRM?
QuickBooks is a good accounting software but falls short when it comes to managing receivables. For a small business with a few invoices per month, QuickBooks with their payment button would suffice the requirement but as the company grows big, the process of following up and getting paid on time needs to be managed well. Everyone knows that cash-flows are more important than Revenues. Lack of Cash at the wrong times can kill businesses. The entire process from generating invoices to follow-ups to getting paid on time needs to be managed before it starts constricting cash flows. Larger businesses had historically used such software but there are almost no software’s solving this for Small- and Medium-businesses.
What companies (or users) are the best fit for PayorCRM?
Any company having more than 10 – 20 customers will start finding value in using PayorCRM.There is a lot of hidden costs in manually sending invoice reminders and not letting your customers have the easiest method to pay you. After every invoicing there are too many back and forth involved to get paid.
Apart from the above Company’s accepting thousands in credit card payments see value in our software. They are well aware that they are just leaving a lot of money in the table when accepting payments through cc( QuickBooks credit card fees are insane! ). We have tied up with providers that can provide better rates and hence provide thousands in savings.
Tell us about your users’ top 3 favorite features or benefits of PayorCRM.
Customer portal: Companies with more than 30 customers find it cumbersome to send invoices and having to deal with a lot of back and forth related to invoices and accepting payments. You could imagine the case when a company has 1000 or more customers. Sending emails with invoices individually is not a scalable exercise even when you have 30 customers and definitely not when you have 1000 customers.
The first company we onboarded used QuickBooks Desktop had 1000 active customers to whom they invoice. Every week they had to sit in front of the PC and send emails with invoices details. Now all their customers come to the portal and pay themselves without them having to follow up. They now just need to follow up with the ones who are not paying at all.
Automated Email reminders with payment buttons: You can set up rules for Auto-reminders and the app will automatically send emails with invoices on specific dates. These emails will also have payment buttons embedded. Customers can literally pay with just one click from the email itself without having to enter their credit card and bank information again and again. Image what that could do to your cashflows.
Save on credit card fees: QuickBooks on their site mentions their credit card fees as 3.3% which is obscene. For a customer whom we worked with and who accepted close to 50,000 USD worth of credit card payments, We found that they were charged close to 3 % by QuickBooks which is still insane. We had tied up with credit card merchant service providers ( Banks) who could provide much better rates ( less than 2.5%). We were able to save 5000 USD every year for this particular customer. Our software literally pays for itself 🙂 There might be some upfront fees involved in setting this up but the savings are amazing!
Tell us about your company’s culture and leadership.
We are very efficient in what we do and how we do it. Our products are built on the latest technologies and can scale well. We are a small team but are trying to keep the team small by improving efficiencies. After all, we are trying to improve the efficiencies in other businesses.
One of our founders is a seasoned entrepreneur in the B2B space. His last business had raised multiple rounds of funding and is valued at 100 M USD currently.
How is PayorCRM different from your competitors?
Our App is focussed on user-friendliness and ease of use. A lot of features a built based on feedback. We look at every feedback we get and see what is the man-hours the business would save out of adding this feature? Is there a better way to do this? We continue to do this iteratively and ensure that companies save and manage their cash flows better using our product.
We also have a very consultative in our approach. We literally calculate the cost savings and provide the customer that information so that they can make us the right choice. For example: Recently a customer sent us their credit card statement from QuickBooks. We calculated and provided him info on how much he can save by using our App and credit card providers we would suggest.
What is the pricing for PayorCRM?
Even though we have a free version which can be used to test out the app before a business can commit to it, The usual recommended plan is 49 USD per month.
Does PayorCRM have any programs for Quickbooks ProAdvisors?
We work with Partners such as QuickBooks ProAdvisers and provide a monthly payout based on the plan the referral customers get onboarded to. We also help partners understand how they can demonstrate the value/savings their customers can gain by using our software.
Any QuickBooks ProAdvisers can reach out to us at firstname.lastname@example.org if they have a customer who might be interested in the software. They just need to forward us the lead and we take it forward from there.
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