Choosing the right finance technology partners

Choosing the right finance technology partners

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The occasional bad day at the office is to be expected. But losing enough money to buy two superyachts in the time most of us take to eat our lunch is pretty spectacular.

That’s exactly what happened to brokerage Knight Capital back in 2012. A programming glitch in automatic trading software saw the company buying shares on behalf of its customers and then selling them for a lower price seconds later. It was 45 minutes and $440m in losses later before the problem was spotted.

That example makes the point of this blog post: it’s absolutely vital to have confidence in the technology your business relies on. That’s especially true in ecommerce, where every aspect of a business is built on tech. Gymshark, one of the great ecommerce success stories, swiftly swapped Magento for Shopify Plus after Black Friday technical problems cost it $143,000 in sales.

Even when the figures are less eye-watering, they represent the same proportional hit to the business in question. That’s why putting your business in the hands of the right technology partners is vital.

So let’s take a look at:

  • Weighing up ecommerce tech partners
  • Evaluating software quickly
  • Practising what we preach

What to look for in an ecommerce technology partner

There are two key considerations when choosing the right technology partners for your business: are they trustworthy, and do they solve your ecommerce problems?

Firstly, the question of trust. Trustworthiness has a range of measures, including customer reviews, testimonials, security policy, and good old gut instinct. Can you trust this company to deliver on what they say?

And secondly, do you need what they deliver? Does the technology solve the biggest problems your ecommerce business is facing? We all want technology to solve problems. To make running a business easier. To make life easier. Look for products and companies that will achieve that for your company.

These considerations will play into your evaluation process when weighing up new tech partners.

How to evaluate software faster

There’s no shortage of apps, software, and other tech to choose from. You need a process that helps you find the right way to go as quickly as possible without undermining your due diligence. Here are some questions you could ask to speed up your search.

Who else in your industry is using this software, and do their needs match yours?

If you’ve found a piece of software that’s of interest, a good starting point is to have a look around to see who else is already using it. If major players or successful companies in your industry are getting good results with this tech, that’s a positive sign.

Look at case studies, ask questions online and maybe even reach out to peers who aren’t direct competitors to see how it’s working for them.

Is the software company at risk or flourishing?

The last thing you want is to invest time and money integrating new software only for the developer to go bust. Dig into their business arrangements, financials, and funding rounds to see if it's a company that’s in it for the long haul.

What support is available for the software?

You can use this as an indicator for the previous point, too. How easy is it to get support? Is there a fully-functioning customer support team to rely on when you need help? You don’t want to entrust your operations to a one-person business that won’t be able to provide support until their coffee break next Tuesday.

Put this to the test by getting in touch with some questions about the product. If you’re not getting timely, useful responses to a sales enquiry, that situation is unlikely to improve after you’ve handed over your cash.

Does the software enable you to do more automations?

As we’ve already touched on, the real benefit of new technology is that it introduces features that make your life easier. Automation is one of the best ways of taking work off your plate, saving money, and increasing efficiency. How would your prospective new software automate time-consuming tasks? Or would it bring a raft of extra admin?

How easy is it to integrate the software into your current tool stack?

You don’t want a new piece of software to undermine tech that’s already working for you. Find out if the software integrates with your existing tool stack. As a minimum, you don’t want anything to break. At the other end of the scale, the ideal scenario is that the integrations help you to get better results from your current tool stack.

Walking the talk

As the financial platform built for ecommerce, we understand that companies thinking about getting Juni are asking those questions about us. So how do we show we’re a good finance technology partner for online retailers?

Built for ecommerce

We don’t try to be all things to all businesses. We’re squarely aimed at ecommerce — our features are developed specifically with online retailers in mind. Then we share case studies of how different types of ecommerce businesses are using Juni. That way, it’s easier to identify how we’re helping companies with similar needs to your own.

Safe and secure

Security is a key consideration when you’re choosing finance technology partners. We get it. That’s why we have a top-level page dedicated to sharing our approach to security.

Funds to fuel ecommerce businesses

By sharing information about our finances — most recently a $206m funding round — we want to offer reassurance that investors know we’re a flourishing company. Hopefully, you’ll reach the same conclusions.

Support when you need it

In addition to dedicated Juni account managers, members of our support team are always available at support@juni.co to answer any questions you have.

“The flexibility to use credit on whatever we need, and the support from the Juni team to make it happen, has been superb," confirms 304 co-founder Sean Cotter. "For what we need, Juni has been five-star.”

Time-saving automations

“We’re already seeing how Juni brings efficiency and automation to our finances and frees up our resources,” says Ninepine co-found Benjamin Lau.

We achieve that by syncing transactions from all of your accounts into a single dashboard, automating Google Ads receipt generation, providing instant payment card creation, and more.

Easy integrations

Juni will slot seamlessly into your tool stack because your tool stack slots seamlessly into Juni. We can’t run through all of our 2,400+ integrations here, but for starters… Shopify, Google Ads, Facebook Ads, Xero, PayPal, Stripe, Monzo, Starling Bank, and so many more integrate with Juni.

Build confidence in your evaluation process

Next time you’re considering a finance technology partner for your ecommerce business, investigate exactly what you’re signing up for and the results you can expect.

We’d recommend:

  • Assessing the trustworthiness of potential finance technology partners
  • Thinking about the problems you face and how software could solve them
  • Exploring how automations could save your business time and money
  • Completing a thorough but efficient evaluation of software you’re considering

Get to know us a bit better

If you’ve found these tips useful, you should definitely check out our other articles. Head over to our blog to read our latest blog posts.


Choosing the right finance technology partners
Juni
Financial platform

Juni is the financial platform built for ecommerce. We give you a unified view of your finances, with cards, mulitcurrency accounts, and banking, accounting and advertising integrations - all in one place. We can even help boost your cash flow with working capital, cashback and more.

Download our free whitepaper and gain important ecommerce and marketing insights, directly from Juni.

Thank you! Check your email for the whitepaper
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Juni will not share your information with any third parties except for our verified partner network. Submit your email for even more valuable content, delivered straight to your inbox.

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