How to Reduce Your Modern Treasury Subscription Cost

Modern Treasury builds payment operations software for high-growth companies. Their API and app modernize payment operations for companies building products that move and track money—think rideshare marketplaces, digital wallets, and fiat-crypto onramps. Enabling real-time payments, automatic reconciliation, continuous accounting, and compliance solutions, Modern Treasury’s platform is used to reconcile over three billion dollars per month. Founded in 2018, the San Francisco-based company is backed by Benchmark, Altimeter, SVB Capital, Salesforce Ventures, and NewView.

Minimum Estimated Potential Saving: 7%

Strategies to Reduce Your Modern Treasury Subscription Cost

Direct Ways to Cut Costs

While we haven’t identified any direct tricks to reduce your subscription costs at the moment, here are some effective strategies to consider:

Optimize User Licenses

• Audit User Licenses: Regularly review user licenses and remove inactive users.
• Use Permission Sets: Assign specific functionalities using permission sets instead of full licenses for basic needs.

Data Storage Management

• Archive Old Data: Regularly archive old data to save on storage costs.
• Implement Data Validation Rules: Prevent unnecessary data entry that consumes valuable storage space.

Process Automation

• Automate Tasks: Utilize workflow and approval processes to automate manual tasks, which can reduce the need for additional licenses.

Workarounds to Reduce Subscription Costs

Integrating with Free/Freemium Tools

While we haven’t found specific workarounds directly reducing Modern Treasury subscriptions, here are some potential ideas:

• Use Zapier: Automate tasks that might require additional licenses by integrating with Zapier.
• Integrate with Slack: Utilize Slack for internal team communications and task management.

Bundling Options for Discounts

Partner Programs and Bundling

Currently, we don’t have specific bundling opportunities identified for Modern Treasury. However, exploring partner programs can be beneficial:

Partner Programs

• Explore Discounts: Check if your company qualifies for partner discounts through partnerships with other software providers, such as cloud storage services that offer discounts with Salesforce.

Negotiate with Customer Support

Discuss Usage and Negotiate Renewal Rates

Reaching out to Modern Treasury’s support team can be a great way to secure discounts:

• Discuss Usage Patterns: Contact support to discuss your current usage patterns. Discounts may be offered based on your specific needs and historical data.
• Negotiate Renewal Rates: Before your subscription renews, try negotiating renewal rates. Demonstrating loyalty and commitment to the platform can sometimes lead to better pricing.

Switching Subscription Types

Opt for Annual Subscriptions

Switching to a longer-term contract can often result in savings:

• Annual Subscriptions: Consider switching to an annual subscription, which often comes at a lower cost compared to monthly billing.
• Review User Activity: Regularly review and remove inactive user licenses to save on costs.

Consider Alternatives

Alternative Solutions to Modern Treasury

Exploring alternative tools can provide cost-effective solutions for your needs. Here are a few suggestions:

Dwolla Dwolla offers a robust API for bank transfers and is ideal for businesses that need to facilitate payments without the overhead of traditional financial institutions. Learn more about Dwolla.

Stripe Stripe is a comprehensive payment processing platform that supports various payment methods, including credit cards and ACH transfers. It’s known for its ease of integration and developer-friendly tools. Learn more about Stripe.

PayPal PayPal provides a range of payment solutions suitable for both small and large businesses. Its global reach and brand recognition can be advantageous for companies looking to expand internationally. Learn more about PayPal.

Open-Source Solutions Depending on your needs, open-source solutions might offer similar functionalities at a lower cost. Explore options like OpenSource Treasury to find applicable tools.

By implementing these strategies, you can potentially reduce your Modern Treasury subscription costs and optimize your payment operations efficiently. Happy saving!