LockerDome Saves 720 Hours a Year with Tipalti
HQ St. Louis, MO
Customer Since 2017
Industry Ad Network
- Streamlined integration with QuickBooks Online, automated payments syncing for faster monthly close and reconciliation
- Improved onboarding process by collecting payment methodologies and tax reports
- Increased visibility with instant reporting capabilities
Payments processing was taking 6-8 days per month. With Tipalti, it’s now down to hours.Mark Lewis | CFO at LockerDome
LockerDome is “an ad platform with a brain.”
Designed specifically for performance-based advertising, LockerDome has built an in-house AI that uses machine learning to process billions of data points that make intelligent decisions at lightning speed.
The LockerDome platform is highly automated and data-intense, utilizing predictive analytics to provide real-time ROI to their extensive, business-savvy base of advertisers and publishers.
Their impressive growth is all in pursuit of the company’s overall mission—to become the ultimate AI-driven ad stack, scaling to a fully-operational technology hub.
With 50% YoY Growth, 500+ monthly publisher payouts, Mark Lewis, CFO of LockerDome, was looking for a solution that would free the finance team from the counterintuitive treasury management platform that was provided by their bank.
Payables was a time-intensive process, and not scalable by any stretch. We needed to address that bottleneck.
For Lewis and the finance team, their focus was on billings, collec- tions, and ensuring that their vendors and distribution channels were paid on time and accurately. With their direction pointed toward profitable cash flow and growth, a manual payments operation wasn’t an option.
We had major operational challenges that were impacting our operational growth—we were unable to onboard or bring on new publishers and partners that would enable us to scale.
LockerDome was paying publishers on a net 45 basis, via multiple payment methods, including wire transfer, ACH, and PayPal. In desperate need of automation, LockerDome initially implemented Bill.com.
“Bill.com was a cumbersome process, but it gave us a taste of the capabilities of electronic payments. After utilizing their platform for six months, we were not where we needed to be in terms of documentation and reporting, and we started our search for a new platform.”
With Bill.com, LockerDome was unable to collect payment methodologies and tax reports, which slowed down their ability to onboard publishers and add inventory into their system.
Also, they wanted a solution that would streamline automated payments syncing with their ERP, QuickBooks Online. For Lewis and the finance team, an advanced payments platform was the only way to improve these critical inefficiencies.
LockerDome upgraded to Tipalti.
The impact is dramatic—Tipalti has enabled us to have better efficiencies with our payments process, vendor onboarding, and reporting.
With the implementation of Tipalti, Lewis was able to keep his team lean while successfully shifting their focus to more strategic initiatives such as networking, marketplace analysis, financing, and M&A options—the areas of the business that were driving significant growth. Plus, with a growing subset of international publishers, the ability to provide different methodologies added considerable value. As Lewis states, “Increasing the velocity of onboarding publishers is critical to our business, and Tipalti enables us to do that.”
So, what’s the future for LockerDome?
“Staying lean and efficient by utilizing integrations and automated tools such as Tipalti.”
And for payments?
“The inefficient days are behind us. Tipalti provides a level of visibility and efficiency that has dramatically increased our team’s output.”
Take Control of Your Payables Today
Let’s get more productive
Book a demo today and learn how you can take control of your payables.