QFPay Easily Expands to 18 Countries With NetSuite OneWorld

Fintech QFPay Easily Expands to 18 Countries With NetSuite OneWorld

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.

Company

QFPay

Location

Hong Kong

Industry

Financial Services

EMPLOYEES

50 to 99

Number of Countries

Applications Replaced

Microsoft Office
Odoo

NETSUITE PRODUCT IMPLEMENTED

NetSuite OneWorld

Implementation Partner

Qualteks

“NetSuite has grown with us. It helped us scale from a small startup with messy financial data to having the visibility we need to support our fundraising initiatives and expand into new markets with ease.” Terry Chan, Founding Member and Finance Director, QFPay

Fintech Startup Becomes Global Leader

Rise of ecommerce fuels growth: QFPay has grown quickly in recent years, buoyed by the rise in cross-border commerce and online shopping. Its easy-to-use solutions allow merchants to offer customer-friendly payment options, like ‘buy now, pay later,’ and its services are available on various ecommerce platforms, like Shopify. Now 10 years old, QFPay has served over one million merchants across Asia.

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.

A scalable system: 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.

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.

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