Vault empowers CRUEL by eliminating fees on Canadian payments

‍Company Name: CRUEL Inc. 

‍Website: www.cruel.co

‍Contact: Jake Bly - Finance & Accounting Manager

‍Location: Toronto, ON

‍Employees: 12

‍Founded: 2013

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About CRUEL: 

CRUEL is an independent marketing agency based in Toronto, specializing in unique strategies for direct marketing and brand-building, with client-partners such as Roots, Sports Illustrated, and Marc Jacobs Fragrances. CRUEL has been an emerging name in the marketing landscape since launching in 2013.

CRUEL’s services across branding, content, experiential, and partnerships connect online and offline experiences, bringing deeper meaning and relevance to relationships between brands and consumers. The agency’s work makes digital feel more human, and the physical feel more personal.

You can find out more about CRUEL at www.cruel.co. 

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The Problem:

Behind the scenes, as many quickly growing services businesses, CRUEL faced challenges in processing payments efficiently, particularly concerning fees associated with vendor and contractor payments. CRUEL turned to Vault, a business banking platform known for its user-friendly interface and cost-effective services, seeking a solution.

CRUEL encountered several obstacles in traditional banking that hindered their financial operations. One significant challenge was paying Canadian vendors. Generally, they opted for cheques, e-transfers, or wire payments. However, the clunky atmosphere surrounding the cheques and the inefficiencies with fees structure surrounding e-transfers and wire transfers imposed by the big 5 banks were hindering their financial operations. High fee structures, and time spent sending one-off E-Transfers to vendors were costly and time-consuming.

Jake Bly, Finance & Accounting Manager at CRUEL, expressed frustration with the existing banking setup, stating, "The fees we were incurring for Wire Transfers were eating into our budgets, and the manual tracking processes were taking 2-3 hours per week". 

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The Solution:

Vault's platform provided CRUEL with a comprehensive solution to their banking challenges, addressing key pain points with tailored features:

1. Cost-effective EFTs: Vault offered CRUEL the ability to send EFTs to Canadian vendors for free, saving significant amounts in transaction fees. Jake Bly emphasized the impact of Vault's pricing model, stating, "The savings we've achieved by using Vault for EFTs instead of the big 5 banks' Wire Transfers are substantial. It's a no-brainer for us."

2. Modern UI for enhanced visibility: Vault's intuitive and modern user interface made it easy for the finance team at CRUEL to gain visibility into all transactions. The platform allowed them to effortlessly set up employees as recipients to facilitate reimbursement payments, streamlining the entire process and improving efficiency across the organization.

3. Custom-limit card functionality: This summer, CRUEL is planning to use Vault's custom-limit card functionality to track all payments made by promotional staff and student workers during their summer campaigns. This feature will save time for the finance team, while helping CRUEL maintain its budgetary goals.

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The Impact:

Since implementing Vault, CRUEL has experienced transformative effects on its expense management processes and overall business operations. The ease of sending EFTs through Vault has streamlined payment processes, saving valuable time and resources. Furthermore, Vault's custom-limit card functionality will provide CRUEL with greater control over expenses, ultimately helping its team allocate resources more strategically.

Jake Bly expressed enthusiasm for Vault's role in driving CRUEL’s success, stating, "Vault has revolutionized our expense management, allowing us to focus on delivering exceptional experiences to our clients. With Vault, we have the tools we need to thrive in a competitive market."

Vault has emerged as a trusted partner for CRUEL, empowering them to overcome banking challenges, optimize expense management, and drive business growth. 

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Watch the full interview:

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