Company Industry: Retail
Company Website: Wristcheck
Company Size: 15-20 employees
Dexter Lee, Financial Planning and Analysis Manager, Wristcheck
Bank Transfers No More
Wristcheck used to rely on bank transfers, but it was not a sustainable solution. The team searched for a better way and reached out to big banks, but due to being a small and newly established startup, they didn't receive a reply for credit card registration.
Reap stands out with its automatic connection to Xero, a major help for Wristcheck's reconciliation process, especially since they outsource bookkeeping. Transactions charged on the Reap Card are transferred directly to Xero, simplifying the bookkeeping process. No more manual uploads of invoices one by one like they had to do with the previous debit card service.
Expense and Budget Control
Reap offers a flexible way to manage company expenses and budgets. For example, departments like Marketing can set a monthly spending limit, and HR can hire freelancers online using platforms that only accept credit cards. Connecting Reap Card to these platforms lets HR easily access the international labor market and settle payroll and freelance invoices.
Time-Saving for Finance
Before Reap, the Finance team had to transfer money frequently to monitor expenses, but now they only have to repay Reap once a month, and Reap handles all transactions. This saves a lot of time for the finance team, freeing them from manual payment for every transaction.
Reap has proved to be an excellent solution for Wristcheck's cash flow management, improving transaction reconciliation and effective expense and budget control.