Launched in February 2021, GetGo is a Point A-to-A carsharing service that is slightly over a year old. However, the company has seen rapid growth in this short time with Checkout.com as its partner, increasing its processing volume by a multiple of twenty. Today, it is the largest carsharing service in Singapore, with over 1,300 locations islandwide.
As a start-up, GetGo had no proven track record of success, making it challenging to find a robust payments provider. As Chan Jun Kai, Chief Operating Officer of GetGo Technologies, explains: "Vendors want to ensure that they'll get ROI on the time, effort, and cost of onboarding a new customer. We didn't have the receipts to prove that at the time, which meant most leading payments providers were apprehensive to work with us. Checkout.com was an exception to that rule, however."
Jun Kai explains how the early meetings with Checkout.com were incredibly promising. "Checkout.com clearly understood our vision and the opportunity we saw," he says. "This foresight meant they didn't see taking on our business as a risk. Instead, they saw it as an opportunity to work with and empower us to achieve our goals."
Working with Checkout.com yielded results for GetGo even before it signed the contract. "Payments is complex, but, as a young company, we hadn't yet brought any payment specialists onto our payroll," says Jun Kai. "Checkout.com understood that and stepped in as our internal payments expert. The team walked us through fundamental concepts like financial reconciliation and chargebacks. They also ensured our payments platform was optimally configured on our unique requirements."
As GetGo's business evolves, so do its requirements. For instance, with more and more customers using the platform, GetGo needed to continuously enhance its policies and protocols to keep its customer's data and money safe from malicious actors.
"Thanks to the support of Checkout.com, this is not something that caught us by surprise," says Jun Kai. "The team shared with us from day one about the different requirements we would need to meet as our business grew. This includes working with us to successfully implement 3D Secure (3DS) and optimize payment flows to ensure we benefit from the additional security layers offered by the protocols without negatively impacting the customer experience.”
Another area in which the GetGo team had to rethink its existing processes was financial reconciliation. In the early days, GetGo primarily relied on Excel databases to reconcile its accounts. As its users rapidly expanded, the Checkout.com team helped GetGo migrate this process onto the Checkout.com platform. They also shared best reporting practices and ways to optimize this process to cope with the large volume of transactions.
"Working with us to solve our reconciliation challenges is incredibly tactical," says Jun Kai. "But that's what makes it such a critical partner. Checkout.com believes in our business as much as we do and is willing to invest in the partnership because of that."
GetGo has established itself as the market leader in Singapore's carsharing industry. Today the company's priorities lie in strengthening its core business and existing processes. "While we are still in the growth stage, we understand that we have to continuously improve our services and user experience to keep our existing customers happy," explains Jun Kai.
With the granular data available on the Checkout.com platform, GetGo can easily extract and analyze chargeback rates and rates of failure. Using this data, the Checkout.com team recommends tweaks to its risk engines for optimization. This process of extracting data and optimizing based on insights has been highly successful. Today, GetGo sees a high acceptance rate above 90%, reaching 96-97% in certain months.
The same data is also helping minimize losses by enriching GetGo's internal fraud prevention processes.
"Using this data to enrich our risk engines, we can screen high-risk customers from using the service. For example, a strong indicator is when a single credit card is used across multiple accounts. Checkout.com would proactively raise these accounts as potentially fraudulent ones," explains Jun Kai.
Moving forward, GetGo has its sights set on regional expansion. "As we leap into new markets, we want to go in with an ally. We have a proven relationship with a strong foundation of trust with Checkout.com. To us, the payments service provider is more than just a vendor — it's a partner that has been and will be integral to our growth."