Streamlining Monthly Collections at the Hive with Finverse

The challenge

Faced with the administrative burden of collecting payments from thousands of members each month, The Hive recognised an opportunity to modernise its collection processes with Finverse. As a multi-location coworking provider, The Hive needed a solution that would simplify collections while preserving and improving their existing financial workflows and member experience.

Manually managing collections and reconciling payments across locations placed a significant strain on the finance and admin team members, requiring time-intensive follow-ups and reconciliation efforts. Human errors, such as incorrect payment amounts or invoice references, only added to the workload, hurting efficiency and creating friction for loyal members who did not have a way to set up autopay.

Finding a system that could handle multi-entity reconciliation, reduce manual intervention, and improve member convenience – all without requiring extensive technical integration – was essential to optimising operations and elevating the overall community experience.

The solution

The Hive was one of the first companies to partner with Finverse, recognising the immediate value of a customisable payment solution that could integrate directly with Xero, their invoicing system. Finverse’s platform enabled The Hive to automate collections across FPS, card payments, and electronic direct debit, reducing the time spent on manual reconciliation and enhancing overall operational efficiency.

With this seamless integration, Finverse’s solution fit naturally into The Hive’s workflows, supporting multi-entity reconciliation to allow each location and entity to operate independently while contributing to a unified financial view in Xero. 

By automating the entire process, Finverse enabled The Hive to offer autopay options for members, improving the payment experience without requiring extensive technical adjustments.