Here's how this digital marketplace is enabling parents to instantly pay babysitters.
Traditionally, babysitting has been a cash job, or if a sitter worked for an agency, they typically had to wait days or weeks to get paid. However, Bubble’s founders Ari Last and Adrian Murdock wanted to give sitters the security of being paid automatically into their bank account. “Cashless payments were a massive incentive for parents and sitters,” Murdock explains. “They don’t like having to deal with cash at the end of a night."
As a start-up, Bubble needed a payment provider that was flexible enough to grow with its business as it scaled; a business that didn’t mind handling low volumes initially, but that could also accommodate higher volumes once the business grew. It also wanted to speed up the payment to the babysitter as initially, when it started out processing payments manually, it took three plus days for the funds to reach the sitter’s bank account.
Modulr replaces outdated manual payment processes and bank integrations with a simple REST API or Application Programming Interface. Modulr’s API allowed Bubble to easily automate the payment to the babysitters’ bank account, dispensing with inefficient and time consuming manual file upload processes.
Integration with Modulr’s API was straightforward allowing Bubble to easily automate payments and receive notifications of incoming funds from parents.
Real-time visibility of incoming funds to its Modulr holding account means Bubble can release payment to the babysitter automatically without waiting for the funds to clear. Babysitters can be paid in a matter of hours, not days, and there is no more awkwardness at the end of the evening for babysitters having to negotiate cash payments with parents.
Instead of having to adapt their business model to fit a payment provider’s way of doing business, Modulr’s payment service accommodated how Bubble wanted to manage its business.
The high level of automation also enabled Bubble to scale its business more easily as payment volumes ramped up. Since going live with Modulr in December 2017, Bubble has paid out more than £60,000 a month to babysitters and it hopes to triple that volume via Modulr’s payment API this year.
Payment to babysitters is fully automated and immediate via an API and will support the business as it grows.
Low error rate
Bubble don’t need to employ a large team of finance people to manage payment processes.
Customer data and personal information kept secure.
Competitive pricing allowed Bubble to save approximately 20 pence to 30 pence per payment.
Modulr's API triggers automatic notifications when funds have arrived in Bubble's account, so they can pay babysitters before funds have cleared.
The Modulr API can scale easily as Bubble's payment volumes grow.
Clients can access Modulr services through multiple methods
Integrate Modulr services directly into your platform
Log in to manage customers, accounts and payments
Submit payment instructions
Instantly create and manage multiple accounts
Register clients for services and manage their accounts
Configure payment processing rules to automate payment flows
Initiate payments instantly
Know exactly when changes happen to your accounts
Seamless access to payment schemes
How Modulr works for Bubble
Modulr is a highly flexible and configurable platform to suite different business’ needs. The diagram shows how Bubble have combined the modules we offer to to enable a solution that’s right for them.
"Modulr’s API is a scalable, automated way of paying people, which allows us to be cost efficient, otherwise we’d need a much larger finance team. We didn’t want to employ a team of three to five people to do this."
Modulr is backed by Blenheim Chalcot, the UK’s leading venture builder. Founded in 1998, Blenheim Chalcot specialises in building digital businesses that transform industries. It’s portfolio of companies has sales of over £300m, more than 3,000 employees, and a successful track record of building over 40 companies across IT services and outsourcing, education, financial services, software, sport and media.
Modulr Finance Limited, a company registered in England with company number 09897957 and ICO Registration: ZA183068, is registered with the Financial Conduct Authority as an EMD Agent of Modulr FS Limited. Modulr FS Limited is Authorised and Regulated by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number: 900573). You can check the Financial Services Register here.