DNA Payments Streamlies Financial Operations with Kolleno
110%
30%
34%
We had an insightful conversation with Jordan Hickson, the Accounts Receivable Manager at DNA Payments, where we discussed his strategies for managing and optimising DNA Payments’ financial operations.
DNA Payments is a leading payments company with products ranging from card machines, online payment solutions, and EPOS solutions. Since their foundation in 2018, they have gained a customer base that encompasses over 65,000 merchants. However, as their business grew, they began to face administrative challenges, particularly with managing their manual financial operations processes.
As DNA Payments grew, so did the complexity of managing their manual processes. They grappled with delayed payments, inconsistencies in collecting receivables, and tedious reconciliation processes. This not only consumed valuable time but also impeded their capacity to efficiently allocate cash flow to other operational areas, highlighting the need for a streamlined approach.
With this new goal in mind, DNA Payments set out to move away from their legacy processes and find a fitting solution, choosing Kolleno for its seamless integrations, easy to use interface, and customisability.
Furthermore, the platform’s automated reconciliation and communication workflows became vital for the finance team. Due to the high transaction volume at DNA Payments, integrating with direct debit providers and automating reconciliation became crucial to cutting down days of work. Whilst, customisable communication workflows allowed them to automate client communication, without compromising customer experiences.
By implementing Kolleno, DNA Payments increased collections by 110% within 30 days overdue. They also reduced their median days late by 30% and their total overdue balance by 34%.
In addition to directly impacting collections and cash flow, the Kolleno system saved the finance team hours of work weekly with automated reconciliation and communication workflows. It also provided actionable insights by centralising all of their financial data. This further informed their strategic decision-making, and increased efficiency across their financial operations.
Kolleno’s integration with DNA Payments’ NetSuite system completely changed how they manage receivables. By tackling challenges directly, the company now has streamlined processes, better cash flow, and more time to focus on their core business.
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