Background
Founded in 2015, Creyos is a healthcare technology company transforming the way brain health is measured. They license their objective online assessment tools to healthcare providers, enabling cognitive and behavioral health assessments that are precise, efficient, and patient-friendly.
Overview
Creyos is experiencing rapid growth as larger medical practices increasingly choose their scientifically-validated solution for evaluating cognitive and behavioral health. Sustaining that growth requires capital. At the same time, their customers are seeking more flexible payment options to accommodate the fluctuating demands of their practices. That's why Creyos turned to Capchase Pay.
Capchase Pay provides flexible payment terms for Creyos customers while paying Creyos the full Annual Contract Value (ACV) upfront. Capchase then manages the installment collections with Creyos customers which frees up their Finance team to focus on more important tasks and even helps them close out their books faster.
Capchase Pay:
- Improves availability of working capital with Creyos receiving full ACV upfront
- Offers continued flexibility for Creyos customers through monthly payment options
- Seamlessly integrates with the Creyos tech stack, including Salesforce and Maxio
Before Capchase
Before partnering with Capchase, Creyos and their customers were constrained by inflexible payment terms. This system was particularly ineffective for a rapidly growing company seeking to maximize access to capital for reinvesting in talent, product development, and marketing activities. At the time, managing invoicing and collections for customers on monthly and quarterly payment plans required significant staff resources, while customers who paid upfront often did so at a discount - impacting the company's return.
Why Capchase
It quickly became clear to Creyos that Capchase Pay could provide the working capital needed to fund Creyos’ rapid growth, while also relieving the burden of managing billing and collections and providing significant value to Creyos’ customers.
Capchase Pay allows Creyos customers to work within their budget constraints and strategic financial plans by continuing to have the option of paying monthly or quarterly. Now, instead of having to deal with the accounts receivables burden, Capchase takes the billing and collections of those installment payments off their plate and pays Creyos full ACV upfront, supporting their cash flow and allowing Finance to use their time better.
“We’re always looking for ways to work more efficiently and leverage technology to help our teams focus on what's most important for their role, and our business,” says Creyos CFO Alex Sherrington. “Capchase Pay fits right into that strategy. It saves our finance team from chasing down payment, gets us the annual contract cash upfront to reinvest in our business, and plugs right into our existing systems and processes.”
Capchase Pay:
- Accelerates negotiations at closing by working within customer budgets
- Reduces the need to rely on discounts to secure upfront payment
- Frees up Finance to focus on growth strategy instead of accounts receivable
Implementation
Capchase Pay was fast to implement and easy to get started. Creyos appreciates how responsive the Capchase Sales and Customer Success teams are to their needs.
“The flexibility and user-friendliness of Capchase Pay made it an easy decision to try,” says Creyos Finance Director Michael Cormack. “With no minimum usage requirements or obligations, we could use it when and where we wanted, and it was fast to set up - there was very little risk involved.”
Capchase's Customer Success team remains a true partner to Creyos, addressing related business challenges and ensuring their input influences solution enhancements.
Seamless integration with existing flows
The Creyos Sales team uses Capchase Pay directly in Salesforce, allowing them to close deals without altering established workflows. The Finance team uses Capchase Pay through the Capchase Vendor Hub, and views key data in Maxio, where they manage accounts receivable.
The Capchase Pay integrations avoid steep learning curves and redundancy of processes that often accompany new software. They’re able to track payments, rely on Capchase’s behind-the-scenes collections process, and close out each month quickly.
“Capchase Pay touches so many things – our customers’ buying and renewal experience, our invoicing processes and speed, and our cash flow – so it’s essential for each of those business drivers to be seamless, and it really has been.” - Alex Sherrington, CFO
Closing faster and higher with Capchase
Creyos has fully integrated Capchase Pay into their payment workflows, with many customers choosing it as their payment method.
“Capchase has shown us how much our customers value flexibility. The ability to get the annual contract value upfront is fantastic because it boosts our cash flow and means our customers are happy. Plus, it saves us from the hassle of managing installment payments, so we can focus more on delivering great service." says CFO Alex Sherrington.
“Everyone is trying to hold on to their cash as long as possible so they can put it to better use, rather than pay a vendor upfront,” he added. “Capchase Pay gives us a leg up in the game.”
When given the option of monthly or quarterly payments, many customers choose to pay in installments. As a result, Creyos is able to avoid excessive discounts or stalled deals, closing at a higher overall ACV.
Since implementing Capchase Pay in November 2023, Creyos' average customer size has increased over 50%, thanks in part to the flexibility that Capchase gives customers.
Creyos Finance Director Michael Cormack said it best: “Managing a single payment from customers who choose a monthly or quarterly plan simplifies my work and makes the lives of many people in the company so much easier -- that's invaluable.”
