Meet Kymera Systems – a company based in Alberta, Canada, specializing in a wide range of custom software development for industrial applications. Their solutions range from easy-to-understand products like billing systems to far more intricate things like custom communication between assembly lines, ERPs, and robots.
When it comes to collecting payments for their projects, Kymera has been using Stripe for over four years. Stripe is a widely used payment processing platform that makes sending and receiving payments online faster and easier. Kymera opted for Stripe due to its multi-currency capabilities, reputation, and seamless integration with all the tools in their app stack, including QuickBooks.
Previously, Kymera wasn’t able to offer credit card payment directly from their invoices. Instead, there was a manual step needed to send a card payment link to any customers who requested it. With the new integration between Stripe and Scoro, credit card payment can automatically be added to invoices as a payment option.
Scoro + Stripe = a game changer
When Scoro and Stripe introduced the integration between the two software, Kymera’s team decided to take advantage of it immediately. “The integration took less than 5 minutes to set up and was simple and straightforward,” explained Scott, General Manager at Kymera. Since then, they have been able to start presenting card payments to their customers directly on invoices, meaning the entire process is now fully automatic. The Stripe and Scoro integration allows users to automatically add a Stripe payment to invoices created in Scoro. This speeds up the payment process for customers, who can simply open the link, choose to pay by card and make the transfer instantly.
“The Stripe and Scoro integration just fit perfectly – no matching numbers from five different places any more, everything just works great. “ – Scott Malcolm, General Manager
Since then, they have been able to start presenting card payments to their customers directly on invoices, meaning the entire process is now fully automatic. The Stripe + Scoro integration allows users to automatically add a Stripe ‘Pay now’ button to invoices created in Scoro. This speeds up the payment process for customers, who can simply open the link, choose to pay by card and make the transfer instantly.
“The Stripe and Scoro integration just fit perfectly – no matching numbers from five different places anymore, everything just works great.” – Scott Malcolm, General Manager
Including a payment link within the invoice has naturally encouraged customers to adopt credit card payments, particularly for smaller invoices. After activating the integration, Kymera transitioned from almost zero credit card payments to approximately 50% of invoices under $1000 now being paid with a credit card. This, in turn, expedited payment collections by 25-50%. Typically, they would have had to wait 30+ days for a bank transfer, but with more customers opting for credit card payments, invoices are usually paid within a week of being sent out. Based on data from Stripe, having a Stripe Pay now button on invoices results in 87% of invoices being paid in 24 hours.
“Faster payments – we get paid quicker.” – Scott Malcolm, General Manager
For Scoro users, Kymera Systems’ is a good example of the tangible benefits of leveraging a solution like Stripe with Scoro. It illustrates how incorporating quick online payment options into the invoicing flow helps to minimize the friction in the payment process. This results in faster payment collection and a healthier cash flow.
Preventing Budget Overrun
Kymera started using Scoro in 2021 to enhance project management efficiency and ensure that projects stay within budget. With Scoro’s help, time tracked automatically rolls into projects, providing them visibility between timesheets and project burn. As a result, they have been able to successfully fight budget overrun.
“Before Scoro, roughly 25% of our projects were going over budget. Now we are probably down to 5% or 10%. And if they go over budget, we know it before they do.“ – Scott Malcolm, General Manager