Growth Challenges Around Revenue Recovery
On The Map (OTM) probably started out like a lot of other companies do before they hit their growth phase: focusing mainly on developing and selling a product, and a little less so on revenue collection.
A few years in, however, companies on a growth trajectory start to realize the importance of being able to efficiently track receipts and collect revenue.
Stax Bill has been the company’s billing platform for three years, a partnership that has helped OTM focus on growth. After integration, On the Map was listed on Inc. 5000s 2017 and 2018 Fastest Growing Companies lists.
Stax Bill’s sophisticated subscription management and recurring billing platform allows On The Map to meet all clients’ needs related to billing and payment management, whether they be law offices, dental practices, or jewelry retailers. Despite having so many different transactions and accounts from such diverse clientele, Stax Bill simplifies billing and ensures On The Map’s success as a company.
On The Map Marketing builds attractive, high-functioning business websites using state of the art SEO techniques to attract and convert targeted users. On The Map employs technicians and specialists who create custom products for each client, offering additional products such as Google Local Listings, Pay-Per-Click (PPC), Shopify Development, and Amazon PPC.
On The Map originally used individual spreadsheets as ledgers for their clients. While this worked in the early stages of the business, it quickly became unsustainable as they experienced rapid growth. OTM soon realized their previous billing software, a competitor of Stax Bill, was unable to provide basic features. OTM found themselves following up with clients manually in a variety of payment collection scenarios.
After trying to rectify the problem with their original billing provider, OTM became dissatisfied by a lack of reporting, missed invoices from clients, and an overall lack of ROI. To scale their business, OTM realized that they needed to look for a complete recurring billing platform that could eliminate the bottlenecks related to billing, invoicing, and payments collections.
With agile reporting and payment tracking, Stax Bill met OTM’s needs and offered a flexible pricing model that made the choice to change platforms easy.
On The Map was able to discard their spreadsheet-dependent process and manual invoicing in exchange for a cohesive system that automatically emails clients after charges, payments, card declines, or missed payments.
What’s more, Stax Bill also allowed OTM to begin offering structured payment plans based on products—something they couldn’t previously do.
Stax Bill’s automatic invoicing and other functions are huge time-savers for OTM’s accounting department, which has reduced time spent on billing by 12-15 hours a month. Stax Bill even captured charges which were previously being missed. The platform’s dunning management efficiently handles late and declined payments, and OTM has watched failed payments reduce since implementation.
The structured payment plans Stax Bill enabled also mean OTM has been better able to track large projects that run into the tens of thousands of dollars. This is accompanied by enhanced visibility into client commitments and payments in real-time.
While OTM could previously send out about 100 invoices a month, they now send 600 through Stax Bill. On The Map considers the platform’s functions tremendously beneficial in revenue recovery, with an average of $600,000 recovered each year.