Using PayFac Technology to Focus on What Matters Most in Childcare Management
In the eleventh episode of PayFAQ: The Embedded Payments Podcast brought to you by Payrix, Host Bob Butler interviews Scott Wayman, Founder and CEO of Kangarootime about using payfac technology to focus on what matters most in childcare management.
Scott is a native Texan who went to college in Kansas. He started in corporate America immediately after college, but due to some tragic family circumstances, he moved back to Texas and took custody of his younger brother, which led to his in-depth understanding of some of the shortcomings in childcare management technology.
The journey of enrolling his brother in childcare accompanied with building an integrated payment platform at a healthcare startup, eventually led to Scott founding Kanagarootime in 2015.
Kangarootime provides software for early education schools and daycares. Typically, childcare centers have adorable branding and maternal imagery on the outside, but inside those buildings are dynamic and complex businesses with problems of enrollment, revenue cycle, classrooms and management of families and utilization.
Kangarootime solves for this by automating billing, invoicing, encoding of money and providing childcare centers with tools to help manage employees, teachers and classrooms. They also have a solution that allows parents to have direct insight into their child’s day.
According to Scott, each childcare center typically does between $80k and $300k a month in revenue and payments are the lifeblood of their business and any business.
Kangarootime’s ethos is about customer service and being the best software company in the childcare domain. Scott emphasized how the culture and vision of Payrix aligned with their mission.
Before partnering with Payrix, it was made clear through their search that there were downsides and deficiencies on the support and technology side of each payment partner and ISO partner offering.
Ultimately, what Scott saw from other payment partners and ISOs was not even close to the same commitment to customer success and happiness as Payrix — and Payrix was the first partner to fly to Buffalo, invest in the relationship and validate the importance of Kangarootime.
The advanced technology Payrix provides was another key reason Kangarootime chose to work with Payrix. According to Scott, the merchant onboarding process was reduced from 3 days to ten minutes, which completely changed their customer acquisition model resulting in their sales cycle going from ninety days to 8 days.
Scott’s final insights to software companies new to embedded payments and looking for a payfac partner were, “If you really cherish that concept of customer success and technology and a great experience for your customer, you can’t beat the Payrix offering.”
He added that understanding the capabilities of your payments partner is integral to standing up the best technology offering for your customers because having the right payment partner with the right approach and thesis around structuring contracts and understanding volume is really important.