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What's in a name?

Lauren Simpson Nov 4, 2020 1:06:30 PM

We will forgive you for thinking our name – RIP Global – means “rest in peace”, which may be somewhat polarising at the moment. We don’t.

What do we mean then?

RIP is an acronym for Receipts, Invoices and Payments. While we do mean the end of expenses and processing, we’re only dangerous for paper receipts and the dreaded expense reporting. 

We are a New Zealand Fintech company, founded by myself, Melissa Gollan, a Kiwi woman of Maori descent. While our HQ’s in Wellington, New Zealand, RIP is Global. We have offices in Singapore, the USA and cool things to come in Australia.

Our fantastic group of shareholders is 75% owned by Maori, and includes investment from Ngati Porou Holding Company - a New Zealand Iwi investment entity. Globally, we also have several USA based investors and one from Singapore. We’ve pulled in over NZ$5m in investment, and not even the first Covid-19 lockdown could stop us from securing a large portion of that. 

We’ve got something really great on our hands and we are ready to share it with the world.  With some techie magic and a big dose of common sense, we are totally eliminating receipt, invoice and claims processing for our customers.

We utilise QR code technology embedded in our phone application (which everyone is now familiar with thanks to covid and the QR code sign-ins) to dynamically code and justify your expense or business purchase at the time of payment. Scanning the QR code zaps secure payment data straight from the till at point of purchase, through to your RIP Expenses app. We reconcile your payment data to your purchase data, so you can tick that off as another job taken care of. This process is patented globally.

Whether you expense in-store or online makes no difference to us – we offer a range of controls for the back office that deliver peace of mind for your organisation. Our solution offers 100% receipt compliance, is fraud proof and will capture all of the purchase data directly from the source. Organisations have been asking for productivity improvement, cost reduction and fraud elimination, and now they can have it.

Why do we do it this way? Well, for a start users hate collecting receipts. They actually suck at it too – with 50% non-compliance through lost receipts and late reports. Governments and businesses that are focused on efficiency won’t want their valuable staff performing expense reporting when they could be growing sales or delivering value to their clients.

Our solution provides full control and visibility at every step of the process, with real time data – direct from the source. No “junk in junk out” here. Just pure, clean aggregated data, untouched by the human hand.

So, who are our customers?

Well, our leading Enterprise client is the New Zealand Government. Our use of cloud based “plug and play” solutions, means we are agile, dynamic and can integrate into any existing solution. We are on the road to saving New Zealand taxpayers over $200m a year in processing costs. Already being integrated with MYOB and Xero means that for our SME friends, pretty much any business that processes receipts now won’t have to.

We’ve signed a law firm in the USA and presented to our friends at the congressional senate in Washington DC, who have passed a bill at the senate to eliminate the millions of dollars of credit card fraud happening every year (we can help our American friends with that).

So what about the merchant community?  

We have launched into food and beverage, with access to over 83% of providers in New Zealand and a good chunk in Australia. We are partnered with Zoomy, a New Zealand owned rideshare company, and they’re already directly integrated with us. Booking a ride with Zoomy through our app means you can support local and expense it all in one action. We also have a major grocery supplier in the works now, which we are excited to see come into fruition. 

The question is really to our customers? Where do you want to spend your money, where do you want us to be?

So, what’s in a name?

$200m of taxpayers money being redirected into the front lines in New Zealand. Fraud elimination. Pure full aggregated business purchasing data flowing directly into your accounting systems, and a smart globally focused kiwi business ripping receipts invoices and processing out of the hands of our clients both at home and around the world.

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