How Capital on Tap made customers three times stickier with automated bank feeds
Connected customers are twice as likely to make Capital on Tap their primary card
Connected customers are three times less likely to churn
Connected customers save hundreds of hours on financial tasks
Simplifying the lives of small business owners
Capital on Tap is an all-in-one small business credit card and spend management platform designed to make it easy for small business owners to manage cards, access funding, and earn cashback, travel, and gift card rewards. Over 200,000 small business customers across the UK and the US have spent more than £10 billion on their Capital on Tap Business Credit Cards to date.
Unlocking business growth with seamless reconciliation
Capital on Tap realized that in order to increase customer retention and card spend, they needed to simplify the process for businesses to track their spending in their accounting software. Bank transaction reconciliation is a highly valued feature of any financial tool, as it saves finance teams a significant amount of time. This is especially true for Capital on Tap's customers, whose in-house finance resources are often stretched.
To ease the burden on their customers, Capital on Tap decided to offer bank feeds that linked their Capital on Tap account to their accounting software. However, the team soon recognized that creating and maintaining multiple accounting integrations would put a significant strain on their resources.
"We realized that integrating with every accounting platform in the UK and US, and then maintaining those connections, would require a tonne of work and a tonne of engineering resource."
Damian Brychcy CEO
Instant access to transaction data
Capital on Tap wanted to give their customers access to their transaction data within their accounting software without requiring third-party middleware or manual file uploads.
Scalability from the start
Capital on Tap wanted to scale this capability to customers across multiple accounting platforms and markets via a single integration.
Optimized development resource
Capital on Tap wanted to deliver high-quality accounting integrations to their small business customers without overloading their engineering team.
Seamless integration with top accounting platforms
Capital on Tap leverages Codat’s Bank Feeds API to automatically push transaction statements to customers’ general ledgers and present the data accurately based on their accounting system's best practices. As a result, Capital on Tap’s customers receive a more complete accounting automation experience, save time closing the books, and minimize manual error.
“This is the fastest we've ever gotten an integration live and certainly the smoothest from a development standpoint.”
Brandon Hafenrichter Engineering Team Lead
Improved speed and accuracy
Capital on Tap’s customers can close their books faster and with fewer manual errors.
Up to data balances
Capital on Tap can now deliver near real-time balances to customers, helping them manage their finances more effectively.
Turnkey access to major accounting platforms
Codat connects Captial on Tap to key accounting software like Xero, QuickBooks, and Sage, which would have taken months or even years to build in-house.
Increased efficiency, improved customer retention
“Our customers have 10 times less work to do. When they connect their Capital on Tap account to their accounting software, we are twice as likely to be their primary credit card. And we see them churning away from us three times less. So it's a huge benefit economically for us, and a huge benefit for our small business customers.”
—Damian Brychcy, CEO, Capital on Tap
Key results
- Doubled the likelihood of Capital on Tap becoming customers’ primary credit card
- Connected customers are three times less likely to churn
- Integrations launched in under two weeks
- Saved customers hundreds of hours on financial tasks
One-to-many integration
Capital on Tap simply integrates with Codat’s API to leverage bank feeds across multiple accounting platforms.
Formatting matches accounting software
The API streams transaction data into Capital on Tap’s customers’ accounting software, which is formatted to match the native look and feel.
© 2024 New Wave Card LP dba Capital on Tap Business Credit Cards are issued by WebBank in the US.
© 2024 New Wave Capital Limited (trading as Capital on Tap) is a private limited company incorporated in England and Wales.
