Paying vendors and subcontractors made simple.
One Net is a digital marketing agency that helps technology companies acquire new customers. Co-Founder Dylan Touhey works with an internal team of marketing experts and uses MazumaGo to pay subcontractors.
Before MazumaGo, Dylan had to make time during his busy work week to physically go into the bank and wire money to subcontractors. He considered waiting in line at the bank as the lesser evil, compared to sending out multiple eTransfers to pay a single invoice, which would often lead to reconciliation issues and unnecessary admin work. With MazumaGo, he found a convenient way to pay invoices without worrying about routing numbers or transfer limits.
Know what's going on behind the scenes
“You have to hope the money makes its way to the beneficiary.”
To Dylan, one of the biggest downsides of wire transfers is the lack of transparency. It is not unusual that one of his subcontractors doesn’t receive the wire payment, so Dylan needs to get in touch with the bank again and put a trace on the wire. Considering all the back and forth, this can cost him up to 6 hours of his valuable time.
With MazumaGo, Dylan doesn’t need to worry about tracking down payments anymore. His vendors automatically receive an estimated deposit date, as well as a tracking link that tells them where their money is in real-time, like FedEx for payments.
Boost your payment success rate
“Honest to God, about 40% of my wire transfers through the bank fail.”
Dylan has experienced extreme amounts of frustrations with wire transfers that failed somewhere along the line. The source of error can be anything from poor handwriting, putting in routing numbers incorrectly or mixing up APA and SWIFT codes. The opportunity for error is enormous when you have a series of humans and intermediary banks involved in a financial transaction.
Dylan loves that MazumaGo eliminates any redundant touchpoints and decreases the opportunity for error to a minimum. He was able to maximize his payment success rate to 100%.
Direct bank login
Simplify payment reconciliation
“The MazumaGo dashboard is just like another account.”
Dylan is tired of spending hours matching wire transfers or multiple e-Transfers with a single invoice in his accounting software. Anyone who has ever had to deal with reconciling wire transfers or e-Transfer payments knows how painful the process can be. These payment methods are simply not suitable for a high volume of large payments – MazumaGo is.
The fact that you can reconcile payments just like you reconcile credit cards or bank accounts makes the accounting process for Dylan so much easier. The MazumaGo dashboard gives him a simple overview of all his transactions with custom bank statements, which makes for a foolproof reconciliation process.
No batched payments