Foursquare Locates Success with Payments Automation
For Foursquare, “Where Matters.”
Since 2009, they have been on a singular mission to build the most trusted, independent location platform—all in pursuit of understanding how people move through the real world.
A world full of amazing experiences was the original inspiration for their mobile app. And, with this mantra in mind, the Foursquare founders set out to build a reliable local search engine with a social networking twist. Foursquare was built for explorers—providing its users with a gamified search experience that displayed personalized recommendations based on time of day, check-in history, preferred tastes, and previous venue ratings.
Now, not only does Foursquare still cater to their well-lived users, but they have effectively scaled to be a robust source of actionable data for leading brands and companies—their technology is helping today’s businesses locate, engage with, message, and measure consumers.
But what happens when “where matters” becomes overrun by an inefficient payments process?
For Michio McGrath, Finance and Accounting Manager at Foursquare, the company’s success was anything but amazing for their lean finance team.
We’re a finance team of five that supports 300 employees, so we’re definitely a culture that looks to scale and do things more efficiently through technology and innovation.
And finding the right technology was just the solution to help with their most cumbersome financial operation:Payments.
We were getting invoices and having to track down colleagues who managed these vendors to get approvals—it was very informal.
By implementing Tipalti, Foursquare was able to pay its 500 vendors in a streamlined workflow that included automated vendor onboarding, invoice processing, payments, and reconciliation.
For McGrath the benefits were significant, “We can report on our balances a lot sooner because we’ve closed our AP sooner.”
Plus, technology allowed them to improve their once-strained vendor partnerships.
It’s a big improvement from how we used to pay vendors, and the timeliness of payments leads to better relationships.
For Foursquare, the ROI was evident. With the implementation of Tipalti, the finance team was able to accelerate their monthly close process by 16 days, eliminate duplicate payments and payment errors, and automatically sync their invoice processing and payment reconciliation with their ERP, NetSuite.
Now, without payments as a roadblock, Foursquare can focus on the defining goal of their business—powering solutions and products through a deep understanding of location.