Case Study: Comet reduces payment collection time by 75% with Memo Bank’s SEPA Direct Debit Solution

How Comet reduces its payment collection time by 75%

Comet, a company that matches IT freelancers with businesses, faced significant pressure on its working capital requirement (WCR) due to slow client payment collection. Their previous fintech solution for SEPA direct debits took 6 to 8 days to process, adding operational complexity and cost. To address this challenge, Comet turned to Memo Bank and its integrated SEPA payment collection service.

By implementing Memo Bank's solution, Comet's payment collection time was reduced to just 24 to 48 hours, a 75% improvement. This was achieved because the service is fully integrated with their current account, eliminating intermediary steps. As a result, Comet significantly decreased its Days Sales Outstanding (DSO) and improved its overall liquidity and WCR, all while streamlining its internal banking processes through Memo Bank's centralized platform.

Comet

Antoine Bordalis

Chief Financial Officer