How SPN EVENTS, a New York music services company, uses Melio to send payments 2X faster and increase cash flow
50%
Less time spent
on administrative work
95%
Improvement
In cash flow
X2
Faster payments
to musicians and performers
Meet SPN EVENTS
SPN EVENTS is a New York-based company that offers live music services, from string ensembles to DJs, for various types of events. Through SPN EVENTS, musicians perform at weddings, product launches, and cocktail hours. Its clients include private individuals, startups, and Fortune 500 companies.
CEO and Music Director Stanislav Nikolov started SPN EVENTS because he identified a gap in the industry. A musician himself, Stanislav realized there were many companies offering one type of musical entertainment service for events, focusing, for example, on wedding bands, but there was no company that offered all musical services for an event under one roof.
Now, Stanislav’s team consists of some of New York’s finest musicians and he feels running the company is like a constant adventure as he gets to play with different musicians at various venues for diverse crowds. “The value that SPN brings to the customer,” he says, “is emotions for all types of events.”
“One of the challenges of being a small business owner is keeping our expenses low and still being able to provide high-quality service. I needed software like Melio that can help me speed up the whole process of the payment delivery as well as offer the possibility of using a credit card, in order to have more cash flow for the company. ”
The challenge
As a small business providing the emotional backdrop for all types of events, one of SPN EVENTS’ biggest challenges is keeping expenses low. Stanislav was looking for a tool that could help him manage payroll and other expenses, such as advertisement and rent more efficiently. Another critical aspect for him was maintaining cash flow at these challenging times.
With Covid-19 affecting every industry, musicians and performers were among those hit the hardest. As concerts and shows intended for large audiences were canceled all over the world, many highly skilled artists now depend on gigs at smaller private events to stay afloat. Getting paid on time had never been more crucial for them and SPN EVENTS needed a reliable yet flexible payment solution that would allow it to make sure its artists are compensated as quickly as possible and are kept happy.
The solution
SPN EVENTS needed software that can help speed up the whole payment process—from administrative work to the delivery of the payment to musicians and vendors. Melio’s fast payment options and easy interface mean Stanislav always stays on top of his company’s expenses. Before Melio, Stanislav would spend 6-8 hours every week managing payments on a similar service. After making the switch, this went down by 50% to just 3-4 hours a week which gave him more time to spend with family and friends.
Stanislav chose Melio after researching several similar services. He found Melio’s interface to be the most convenient and its customer service to be fast and efficient.
Melio allows SPN EVENTS to extend float and maintain cash flow by alternating between paying with a credit card and making bank transfers. Even when payments from clients come in late, Stanislav said, he can still use a credit card to cover the company’s expenses. This way, charges can be delayed by up to two months without hurting SPN EVENTS’ relationship with vendors.
SPN EVENTS also saw payment delivery time improve significantly by more than 100%. Previously taking 3-4 days, with Melio, payments arrive in just 1-2 business days or even on the same day, which helps the company keep its most valuable asset, the artists, happy.
“When I think of Melio, I think of a very user-friendly, super-fast, and reliable service.”
