The global event management platform giant Cvent faced an issue all too common for SaaS companies – turning on cost-effective, scalable B2B payment processes, including accepting credit cards, for its global customer base.
Cvent at a glance
Headquarters: Tysons Corner, Virginia
Global offices: India, London Canada, Australia, Singapore and United Arab Emirates
Industry: SaaS
Employees: 5,500+
Client base: 25,000+ global, more than 50% of the Fortune 500
Founded: 1999
Problem: Limited local payment options, high processing fees
The previous provider’s functionality to enable surcharging where regulations allowed was lacking, limiting Cvent’s ability to cost-effectively offer credit card payment options. Because Cvent was fully absorbing the costs of processing these transactions, it placed limits on transaction size and approached card payments on a case-by-case basis.
Solution: Flywire integrated with Oracle EBS to automate global invoice-to-cash
By integrating Flywire with Oracle E-Business Suite (EBS) via Workato, Cvent automated their entire invoice-to-cash lifecycle globally.
- Flywire embeds a localized payment link in an Oracle EBS-generated invoice.
- Where permitted, Flywire’s surcharging feature enables Cvent to share processing fees with the client. And this has expanded the credit card payment mode usage.
- Once paid, Cvent receives funds in their currency of choice, and the receipt is automatically applied to the invoice in Oracle EBS.
In this digital world, customers do want more payment options. With Flywire, we were able to open up credit card options across the globe.
Benefits: Savings on processing fees, high levels of support
- Credit card processing fee savings. In compliance with local regulations, Flywire enables Cvent to pass along surcharging fees to the client. This has saved the company roughly around 70% on surcharges when compared to the prior provider and removes transaction limits previously set on credit card payments.
- Reduced DSO: Integration with Oracle EBS ensures a clear path to payment and global payment support lifts barriers to making timely payments, reducing Days Sales Outstanding (DSO).
- Global payer support. In addition to high levels of account support, Cvent customers have access to support via Flywire around-the-clock in local languages.
Flywire doesn’t end the journey post migration. We have a great partnership and ongoing regular support, including ongoing enhancements. It’s a 5 out of 5 rating.