Strengthen Business Lines, Flip Introduces Flip for Business Services
Flip, a startup providing payment platforms and interbank funds transfers, announced the rebranding of its B2B line “Big Flip” to “Flip for Business”.
Changes are also supported by strengthening financial transaction automation solutions, including money transfers, payment receipts, and international transfers.
In fact, this B2B line has been released since March 2017. At that time, Big Flip was still focused on helping businesses carry out business operations, such as payroll, payments to business partners, and refunds to consumers.
As time goes on, the needs of B2B consumers are increasing, so Flip needs to do various further developments. In a virtual press conference (22/2), Head of Marketing Flip Andri Rahmad Wijaya said, this rebranding is not only symbolic, but brings enthusiasm for companies in strengthening the B2B solution ecosystem.
This is because these financial-related solutions are not only needed by technology companies, but also companies whose business processes are still conventional.
“We believe Flip can be a reliable solution because we provide a seamless solution that can help business partners improve the experience for their customers so much more effectively. It is even claimed that this solution is four times faster than conventional solutions,” he said.
Flip for Business is now powered by cutting-edge technology, such as a dashboard for no-code solutions, API for seamless integration, advanced features such as verification and idempotency keys.
There are three excellent features offered, namely Money Transfer, which allows partners to send funds to up to 20 thousand bank accounts in a few clicks.
Then, Accept Payment which provides seamless and acceptable payments for corporate clients in real-time. Finally, International Transfer which can save up to 50% transfer fees to five countries.
In supporting these features, the company provides 24/7 customer service, flexibility in limits, top-up options, and transactions outside office hours.
Business Payment System Efficiency
Citing global research firm Censuswide and global payments automation platform Tipalti, we found that an average of 520 hours per year of finance teams wasted on jobs that could easily be automated through technology, such as payments and verification.
These findings resonate with the CFO Indicator Survey 2021 survey published by Workday. This research concludes that 17% of the time of the finance team in the company is spent on strategic activities and 50% of the time of financial workers is spent on transaction processing.
VP Enterprise Growth & Business Development of Flip Henri Halim said, before using Flip, business owners admitted that they were burdened by manual processes for routine or recurring financial transactions.
These are time-consuming, expensive transfer fees, and large volumes of failed transactions due to small errors, and business transaction tools are difficult to integrate and customize.
“The time and energy spent on processing financial transactions grows like cancer in the company’s body. Without us realizing it, the bigger the company, the greater the wasted productivity. Flip answers this problem by presenting an efficient and reliable transaction automation solution through Flip for Business,” he said.
B2B Flip Monetization
Although he did not explain specifically about the business development, Henri said that B2B solutions have grown significantly and have been utilized by many companies, both technology and non-technology companies. Hence, in the future the company will be more active in attracting more business users from multi-sectors.
“We want to help businesses from all walks of life because the need for this transfer cannot be separated from any business [sector]. We can provide a conventional business with a dashboard to help with efficiency, while we will still target technology companies because we can support them with APIs.”
In doing monetization, there are two things companies do. Henri explained that basically Flip for Business looks at how Flip helps B2B transfers. During the transfer, Flip can save from the Flip side as a source of funds, to push to make the transfer.