As the largest global partner of Alipay and WeChat, QFPay seamlessly processes payments for merchants trading around the world. The Hong Kong-based company also offers QR code payment technology and point-of-sale (POS) integrations. With all of these mobile payment options, QFPay helps both online and offline retailers achieve the all-important omnichannel shopping experience. Its additional services include coupon marketing and customer loyalty programs.

Customer Success

Expansion dreams become reality
With all financial and customer transactional data in one system, always-on audit trails and the ability to drill down into transaction details, QFPay can also now showcase its operation to investors with ease. It plans to add five new offices in the next three years, expanding to markets including Taiwan and Japan. As NetSuite OneWorld supports 27 languages, QFPay is poised to work seamlessly with partners and customers in each new region.

Challenges

• Stuck on spreadsheets
  QFPay previously managed all of its financial data, including merchant transactions, in spreadsheets. Excel proved unsustainable when the business started operating in multiple currencies, as the finance team were burdened with time-consuming, manual processes to manage revenue and release funds to merchants on time each day. Additionally, in preparation to pursue funding, leaders needed best-in-class audit and compliance reporting, which spreadsheets couldn’t provide.

Solution

• QFPay deployed NetSuite OneWorld, which has supported its expansion into 18 countries with real-time currency conversion and financial consolidation across countries. Managers can now access financial data on demand, for an estimated 20% reduction in time spent reporting. And by automating formerly manual processes, such as paying merchants based on Excel data, the finance team saves more than 60 hours a week. As a result, QFPay has continued to scale with no additional finance headcount.