As small businesses grow, mailing checks to their suppliers becomes infeasible and business owners often turn to technology for a solution. Aurora, Colorado-based Mondo Market uses Melio to pay its vendors quickly and seamlessly, saving time and money.
Mondo Market is a restaurant/deli and catering service based in Aurora, Colorado. It was founded 10 years ago by Nicolas Farrell, a 25-year veteran of the food industry. What started as a website to ship specialty prepackaged food products such as black garlic from a home office grew into a brick and mortar restaurant located in Stanley Marketplace, a community market.
“Our focus is on everyday hospitality where we can really interact with the guests. That's where my passion and my team's passion lies,” says Nic.
Founder, Mondo Market
“Melio has provided me with the ability to spend more time, not just on my business but also with my family, with my friends, and my own life.”
As Mondo Market grew, it began looking for ways to improve its payments flow. “I was the guy who once upon a time had my entire coffee table covered in checks and invoices and it was a total time-suck,” Nic said.
He began using technology to scan his invoices and then subscribed to a payments software, which over time he found to be “clunky” to use and it also charged subscription fees. Because of this, Nic began shopping for solutions that could help his business maximize its economies and found Melio.
Nic has enjoyed the ease of using Melio as well as features such as linking bank accounts and the ability to pay with a credit card - even when the vendor does not accept card payments. Another plus is that Melio’s basic service is free. “Melio helped keep my business sustainable during tough times,” Nic said.
The flexibility in payments helps improve the business’s cash flow, Nic said, adding that with Melio he can pay his vendors the day before a bill is due.
“It’s nice to know how many options I have. For cash flow purposes it’s a great benefit to be able to pay with a credit card and the vendor gets a direct deposit or check,” Nic said. “They love it, I love it.”
Being able to track ACH payments is also extremely valuable. Nic said the majority of his accounting time is spent with vendors asking whether or not he had sent his payment and with Melio he can easily cut and paste a copy of the transaction to show that the money has been deposited.
“If I have any accounting issues, the majority occur when an invoice is missed. Before I had that trackability, there would be a lot of back and forth. Now there are no more questions,” Nic said. “That’s huge for me.”
With Melio, Mondo saves $50 a month in subscription fees that it was paying other software providers as well as $200 monthly in expenses for writing and mailing checks. Nic also spends 25% less time on bill pay, saving him an average of seven hours a month. “I would like to be able to quantitate the reduction in my stress level - how do you put a number on that?” said Nic.
Join the thousands of small businesses across the country who, like Mondo Market, are saving time and money by managing their payments online with Melio.