How The Goat Agency reduces 80% invoice volume by streamlining influencer payments

"Prior to utilizing Gigapay, the average monthly time allocated by two team members for managing influencer payments and related processes amounted to approximately 3 working days to process 20-40 invoices."

‍

The Goat Agency, a global influencer marketing agency part of GroupM Nexus, was struggling with an inefficient payment process for influencers in the Nordic market. The agency was facing an expansion of their services while manually processing between 20 to 40 individual invoices monthly - a process that was requiring two stakeholders every month to complete, not including the reconciliation and bookkeeping. This manual process of paying influencer invoices, led to long wait times of over 30 days for influencers to receive their payments after completing their work.

"This rapid growth would have posed considerable challenges without the support of a partner like Gigapay, which enables GOAT to allocate its time and resources to other matters."

‍

GOAT implemented Gigapay's solution to streamline their influencer payment process by handling the onboarding and consolidating the invoices per campaign. This helped Martin "enabling each staff member to assume responsibility for their respective campaigns, thereby eliminating the previous burden on a single team member who had to handle all individual invoices, liaise with the finance team, the previous payment partner, and the influencers".

Gigapay allowed for:

1. Decentralisation and transparency of payment process, enabling each staff member to handle their respective campaigns;
2. Reduction in the number of invoices processed per campaign using invoice consolidation;
3. Faster payment processing for influencers by optimizing the process and offering new payment methods;
4. Considerable reduction of administrative time spent by the operations and finance team.

Implementing Gigapay has impacted positively the influencer operations at The Goat Agency. While growing their business and experiencing an increase in campaigns, they have seen a significant reduction in how many invoices were processed per campaign (approximately 1/8 of the invoices before Gigapay), which is allowing them to pay their influencers 5x faster while allowing them to reduce their admin time to only 3 hours a month - saving €130,000 yearly just in administrative workload.

‍

"With the integration of Gigapay, the number of invoices processed on a campaign basis typically ranges from 5 to 15, which has greatly enhanced overall efficiency."

‍

After the implementation, The Goat Agency has experienced:

1. Efficiency Boost: The implementation of Gigapay significantly reduced the time spent on managing payments. Despite team expansion and increased invoice volume due to rapid growth, The Goat Agency can now allocate more time and resources to other critical matters.
2. Streamlined Invoice Processing: The number of invoices processed on a campaign basis has been optimized to typically range between 5 to 15, compared to the previous 20-40 individual invoices.
3. Decentralized Control: Each staff member can now manage payments for their own campaigns, eliminating the burden on a single team member who previously had to handle all individual invoices, liaise with the finance team, payment partners, and influencers.
4. Faster Payments to Influencers: The payment waiting period for influencers has been dramatically reduced from over 30 days to as fast as 7 days, depending on the campaign flow and invoice initiation by the GOAT campaign manager.
5. Scalability: The Gigapay solution has enabled The Goat Agency to manage their rapid growth efficiently, handling increased invoice volumes without proportional increases in administrative burden.

‍

Considering these benefits, Martin didn't hesitate to recommend Gigapay: "Anyone working in the influencer space, brands, and influencer marketing agencies should consider Gigapay if they want to save time and resources. Not only will Gigapay help make payments easier and faster, but they also ensure you stay compliant, with taxes and benefits covered."