How Riverty's Accounting as a Service with Stripe helps growing businesses automate accounting

The digital economy is full of new opportunities. But it also brings with it complex challenges. Among these, accounting and its impact on business performance are often overlooked, even though they're essential for efficiency and growth. For merchants who are replatforming to Stripe or launching new business models with Stripe as their Payment Service Provider (PSP), the complicated world of payment management can create obstacles. This is where Riverty, with its Accounting as a Service (AaaS), steps in to help.

Recently honored as Stripe's Partner of the Year for the DACH region, Riverty has created an automated accounting solution that doesn't just work with Stripe's robust payment platform, but also tackles these challenges head-on. They do it with innovation, ease, and affordability, putting a spotlight on the important role of accounting.

Congratulations on being awarded Stripe's Partner of the Year for the DACH region! Can you describe how Riverty's 'Accounting as a Service' has become a critical element in the Stripe Partner Ecosystem?
 
David: We recognized early on that our accounting product fits perfectly into Stripe's platform, leading to integration. Receiving this award is a tremendous honor, and it demonstrates that we successfully enhanced Stripe's offerings. 
 
Can you outline the specific challenges that Stripe merchants face in the European Market? How has Riverty's full-service A/R management solution been designed to overcome these challenges?
 
David: There are two main areas of importance. Payment exceptions often lead to the need of a commercial dunning and collection process and challenges like over- and underpayments or matching unclear bank payments. Additionally, Europe's multiple currencies and payment methods, coupled with some merchants having multiple legal entities, creates complexity in accounting. We have developed a product that alleviates these challenges, allowing merchants to focus on their business. 

Could you share an example of a tangible benefit that merchants enjoy with the integration?
 
David: Merchants enjoy numerous benefits with the integration, significantly impacting their efficiency and cost-effectiveness. They don't have to invest in IT applications or hire specialized staff, thereby streamlining various processes. This translates into savings of up to 30% or more. Moreover, Riverty's assistance ensures that unforeseen complications due to changing regulatory requirements are a concern of the past. Merchants can confidently rely on Riverty’s financial and accounting expertise. 
 
What sets Riverty’s AaaS solution apart in terms of scalability and adaptability?
 
David: Riverty has over 30 years of experience in this industry. And we have made a significant investment in a comprehensive, best-in-market and highly automated product. Plus, we process millions of accounting transactions monthly. This expertise positions us uniquely to handle large volumes and revenue jumps.

Can you explain how Riverty's system manages consumer-oriented dunning and legal collections service? How does this aid in minimizing losses and customer attrition?
 
David: We handle different customers with care, recognizing their purchasing history and needs. In legal collections, we assist customers with financial management rather than threatening them with legal action, unlike our competitors. Our focus is on retaining customers, helping them overcome their financial challenges.
 
How did you create a seamless integration, and what is the effect? 
 
David: Our collaboration with Stripe was rooted in the vision of a no-code integration. Merchants simply enter our API credentials once, and Stripe handles the rest. This approach eliminates coding and extensive testing. No need for large integration projects. 

Can you guide us through activating the 'Accounting as a Service' connector in Stripe, and explain how it reads bank account statements to enhance reconciliation? How does this simplify the process for merchants?
 
David: We establish a connection with the merchant's bank to read the bank account statements daily. Merchants can receive our month-end closing reports through various APIs or reports. Our powerful online-reporting tools and self-service portal make the entire process user-friendly and efficient.
 
What new value-added services or features is Riverty planning to introduce? 
 
David: We're considering expanding our connector for Marketplace use cases to enable a “plug & play” offer for more complex setups. This will align with our existing solutions for subscriptions, e-Commerce/Retail transactions, and various mobility use cases.
 
How does Riverty ensure that its end-to-end service complies with Europe's legal and regulatory requirements? 
 
David: Being part of the Bertelsmann Group, we uphold key values like compliance, trust, and reliability. We renew our ISO certificates annually and pride ourselves on our ISAE-3402 certifications, ensuring a well-designed and daily executed internal control system.
 
Reflecting on your collaboration with Stripe, what have been the key learnings for Riverty, and how do you see the partnership evolving in the future?
 
David: Our collaboration with Stripe, a market-leading fintech, and our understanding of the European market makes us a perfect match. Together, we are even stronger and can learn from each other to assist merchants in achieving their goals.