Moving from Paper Books to Digital Payments
In one week, children’s book publisher Holiday House digitized critical parts of its payments processes with Chase Cashflow360.
Children’s book publisher Holiday House has been in business for decades and was comfortable with its back-office processes. However, the onset of the COVID-19 pandemic expedited the company’s desire to modernize a critical part of its paper-based cash management processes.
Specifically, Holiday House wanted to digitize and automate a critical part of its payments process—royalties. With the help of Chase Cashflow360SM, Holiday House was able to swiftly and securely send royalty payments digitally in a few days.
“From start to finish, Chase has helped us maintain the trust and respect of the authors and illustrators of some amazing children’s books in an incredibly difficult time,” said Adrienne Vaughan, a senior vice president at Trustbridge Global Media, Holiday House’s parent company.
Cashflow360 is a solution that helps simplify cash management by allowing users to manage all bills, invoices and payments electronically from one portal.1
“When we reached out to Holiday House on March 25, we originally suggested getting things set up for their next billing cycle in June,” said Chase commercial banker Mark Tasko. “But the publishing company wanted to switch its royalty payments that same week. So we kicked things into high gear.”
To make the process as easy as possible, members of the Chase team quickly arranged calls with Holiday House, including a demo. They also worked with the publisher’s team to prepare the files necessary to make a smooth transition to Cashflow360.
The preparation paid off. Within a week, Holiday House was able to quickly and securely2 send royalty payments to authors and illustrators without paper checks or office visits.
“What felt like the impossible just a short time ago has been achieved,” Vaughan said.
What’s Next for Holiday House and Cashflow360
Holiday House is currently using Cashflow360 just for its royalty payments, but hopes to integrate the solution into its day-to-day payments process soon. From there, the publishing house can implement other features, such as virtual card payments, to digitally connect with their clients and vendors.