FreshBooks moved from a 3rd party payments experience to its own streamlined, conversion-friendly product using WePay.
FreshBooks is the the #1 cloud-based accounting for service-based small business owners. More than 10 million users turn to FreshBooks to run their business.
Like many platforms, FreshBooks started by having loosely-connected 3rd party processors handle payments. This let FreshBooks users get paid, while limiting the risk and overhead for FreshBooks.
Yet this approach also created some challenges:
- Less streamlined experience: users were at times confused when the payments experience didn’t match the rest of the FreshBooks experience.
- Multiple contacts: FreshBooks had to rely on 3rd party payment providers to help with support calls. Given the company’s focus on the customer, it preferred to handle these user queries personally.
- Less room for customer advocacy: FreshBooks needed more flexibility to secure the best prices for its users.
The company turned to WePay to help it build its own payment product to address these needs. WePay allowed it to offer the end-to-end user experience it sought. Yet WePay's banking agreements and risk technology let it have this without extra overhead.
FreshBooks Payments launched in late 2014, with impressive results following soon after:
- Quick conversion: 55% of new users since launch choose FreshBooks Payments as their gateway.
- Better experience: Users who accept online payments through FreshBooks are paid 11 days faster.
- More FreshBooks transactions: FreshBooks payments users make 40 percent more transactions than users connected other 3rd party payment gateways.