Journey of a Money Transfer Operator From One Store to 75+ Countries Worldwide with Remitso

In the heart of London, a well-established money transfer operator sought to break free from the limitations of their traditional model. High commission fees from partner networks, limited customer reach due to their physical location, and operational challenges hindered their growth aspirations. They dreamed of building a recognizable brand, expanding globally, and creating a network of agents, but the costs and complexities of developing a proprietary solution were daunting.

The Challenge: Scaling Beyond Borders

• High Costs: Partner commissions significantly reduced profit margins.
• Limited Reach: The physical store confined their customer base to the immediate area.
• Operational Hurdles : Inconsistent foot traffic, weather disruptions, and staffing issues impacted daily operations.
• Branding & Growth: The desire to build a unique brand and expand globally seemed unattainable due to the resource demands of in-house development.

Phase 1: White Label Launch & Initial Success

• Rapid Deployment: The operator swiftly launched a branded online platform and mobile app using RemitSo's white-label solution. This provided an immediate digital presence, extending customer reach beyond the physical store.
• Self-Service Single Agent Model: Initial operations focused on a self-service single agent model, allowing for quick setup and streamlined processes.
• Initial Success: The digital presence and streamlined operations led to early success, validating the partnership with RemitSo.

Phase 2: Scaling with a 5-Agent Model & Competitive Pricing

• Upgraded Subscription: To further expand their reach and offer more competitive pricing, the operator upgraded their subscription to a 5-agent model.
• Reduced Commission Fees: With the 5-agent model, the operator could negotiate lower commission fees, enhancing their profitability.
• Enhanced Customer Experience: The increased agent network provided customers with more convenient options for sending and receiving money.

Phase 3: Custom Enterprise Edition & Global Expansion

• Custom Enterprise Solution: As the operator's customer base continued to grow, they transitioned to a custom enterprise edition of the RemitSo platform, gaining even greater control over branding, user experience, and functionality.
• Global Reach: Leveraging RemitSo's tech capabilities the operator aggressively expanded into new markets, onboarding agents and reaching customers in over 75 countries.
• Compliance & Support: RemitSo's expertise in regulatory compliance and operational support ensured a smooth transition into new markets and adherence to international regulations.

Results: A Transformed Business

The partnership with RemitSo revolutionized the Money Transfer Operator's business:

• Increased Revenue: Transaction volume surged due to eXpanded reach, a growing customer base, and reduced commission fees by increased average M-O-M revenue by 80% in the first two years.
• Reduced Costs: Operational efficiency improved significantly, and the need for costly inhouse development was eliminated
• Stronger Brand: The operator established a recognizable brand with a loyal customer following.
• Global Expansion: The business successfully entered new markets, reaching customers worldwide.
• Operational Excellence: Streamlined processes, automated compliance, and real-time reporting ensured smooth operations at scale.

Conclusion

This journey exemplifies the transformative power of partnering with the right technology provider. By leveraging RemitSo's flexible solutions and expertise, the operator overcome the limitations of their traditional model, achieving global reach, operational efficiency, and sustained growth.