Commitly Streamlines Payment Processing with Monite’s Embedded Finance Solution

Overview

Commitly is a fast-growing FinTech company focused on empowering small and medium-sized businesses (SMBs) to improve their financial processes. The company has a vision to simplify payment collection, reduce inefficiencies, and enable smoother cash flow for SMBs. As part of their ongoing growth strategy, Commitly looked to develop innovative solutions to address the common pain points faced by its clients, such as late payments, manual invoicing, and complicated payment reconciliation.

With an increasing customer base and expanding market presence, Commitly recognised that to scale effectively, it needed a solution that could automate payment processes, enhance client satisfaction, and provide additional revenue streams. The company’s goal was not only to streamline payment workflows but also to provide a more integrated, seamless financial experience for their users.

The Challenge:

Commitly’s clients often struggled with inefficient payment collection systems, manual processes, and late payments – issues that are all too common in the SMB space. As a result, businesses faced delays in cash flow, increased administrative costs, and disruptions to their day-to-day operations. According to recent reports, an overwhelming 87% of SMBs experience late payments, making it one of their most significant challenges.

Given the importance of timely payments for business continuity, Commitly sought a solution that would automate invoicing, reduce payment delays, and simplify the financial management process. The need for an embedded finance solution that could deliver these benefits while complying with regulatory requirements was paramount.

The Solution

To address these challenges, Commitly turned to Monite’s embedded finance platform. Monite’s robust API was seamlessly integrated into Commitly’s existing platform, enabling them to provide their clients with:

• Customisable invoices: Clients can create invoices with personalised designs, maintaining their unique branding while ensuring a professional look.
• Automated payment reminders: Automatic notifications help remind clients and their customers about upcoming or overdue payments, significantly reducing manual follow-ups.
• One-click payments: With integrated payment links, clients can send invoices that allow their customers to pay directly online, reducing friction in the payment process.
• Syncing with accounting systems: Seamless integration with accounting software ensures that all payment transactions are recorded in real-time, reducing errors and saving time on manual bookkeeping.
• Regulatory compliance: Monite offers Peppol-compliant e-invoicing, ensuring that clients meet the requirements in over 25 regions, making cross-border transactions easier and more secure.
• Revenue generation for Commitly: Through the embedded payment solutions, Commitly now generates additional revenue by charging a small fee for every transaction processed, providing them with a new, sustainable revenue stream.

By leveraging Monite’s advanced features, Commitly was able to provide its clients with a seamless, automated payment system that significantly reduced the burden of manual invoicing and payment collection.

The Results

The implementation of Monite’s platform delivered tangible, measurable results for Commitly and its clients:

• Reduction in late payments: Automated invoicing and reminders significantly reduced the number of late payments, improving cash flow for clients and strengthening customer relationships.
• Improved operational efficiency: Time spent on invoicing and payment reconciliation was cut by 60%, allowing Commitly’s clients to focus on growing their businesses.
• New revenue opportunities for Commitly: The platform’s embedded finance capabilities opened up new revenue streams, with Commitly earning a percentage of each payment processed through their system.
• Enhanced customer satisfaction: With faster and more reliable payments, clients reported increased satisfaction with Commitly’s service, reinforcing the company’s reputation as a trusted partner for financial automation.

What’s Next:

As Commitly continues to scale, they plan to enhance their offerings by integrating additional Monite features, such as advanced payment automation and enhanced reconciliation tools. The company is also exploring Monite’s accounts payable solutions to further streamline financial processes for their clients and provide an even more comprehensive service. Commitly is committed to driving growth and empowering SMBs with tools that simplify their financial workflows, enabling them to focus on what matters most – growing their businesses.