Codat saves 1-2 days on month-end billing with m3ter

Codat is an API-first integration infrastructure in the fintech space. Banks and other fintech players use Codat to make it easier for their customers (mostly SMBs) to share data with them.

But with the Finance team stuck doing manual billing – and quote-to cash systems that weren’t talking to each other – they knew they couldn ’t scale their usage-based pricing structure.

Joe Lambert, Senior Business Operations at Codat explains more.

Problem: Usage-Based Foundation
Codat always had a usage-based pricing structure, including highly complex bespoke deals.
The platform fee aspect of our pricing was fine – usage was the challenging part. We relied on external data tools to input into our billing system, which opened up room for manual error and things being missed.
Problem: Manual Billing Pain
Processes were disjointed and systems weren’t integrated. Finance had manual billing pain.
Most of our usage is done monthly in arrears, so when it came to month-end, Finance was spending a day or two having to generate a load of invoices at once.
Request: Reevaluating Q2C
Codat wanted to evaluate the whole quote-to-cash process: What should usage billing look like going forward?
We were looking for an end-to-end flow where the integration worked and the data was corresponding in each of these tools, which it wasn't doing initially.
Meeting m3ter
Codat spoke with other providers, but knew after their m3ter demo that the level of detail was unmatched. Complex use cases? No problem.
We had a few demos and they were able to show us just how extensive the platform was – how much detail we could go into and how much we could dictate our contract terms, our different products, and our plans.
Automated Billing with m3ter
Deal closed in Salesforce → platform fee & contract details into billing system → usage info is matched to a plan in m3ter → one-click usage invoices.
Since we've been with m3ter, it's made a massive difference to the end-to-end process... It's a 90% automated process compared to what was pretty much 0% to begin with.
ROI: Automation, Time, Less Revenue Leakage
Codat can trust the data in m3ter. Month-end billing is more automated. Finance saves 1-2 days per month, and they can easily double-check that no usage has gone un-billed.