EchoCart Retail Group
EchoCart is a fast-scaling ecommerce marketplace that connects over 40,000 independent sellers, designers, and freelancers with buyers in more than 40 countries. With a lean internal team and a global supplier base, speed and trust were essential to maintaining a seamless payout operation.
Their platform processes over 10,000 freelancer payouts per month, many of which are made to individuals in Eastern Europe, Latin America, and Southeast Asia — regions where bank account errors are more common due to varying IBAN standards and limited financial infrastructure.
The Problem
As EchoCart scaled globally, it faced a sharp increase in failed or misdirected payments. Their finance team discovered:
- 3.2% payment failure rate, mostly due to invalid IBANs or name mismatches
- High volume of support tickets and payout delays, damaging freelancer trust
- Manual checks couldn’t keep up with demand, and engineering bandwidth was limited
“We were burning time and money fixing errors that shouldn’t have happened in the first place,” said the Head of Operations. “The risk of paying the wrong person was growing with every new country we expanded into.”
The Solution
EchoCart integrated MonitorPay.ai‘s API directly into their freelancer onboarding workflow.
Every new freelancer entering their bank details is now instantly checked for:
- IBAN structure & validity
- Payee name match against the account holder
- Country-specific format issues
MonitorPay’s real-time API helped EchoCart implement this logic without disrupting UX and without a complete overhaul of their onboarding form.
The Results
- ✅ 92% drop in failed payments within 30 days
- 📉 65% fewer payout-related customer service tickets
- ⏱ Onboarding time reduced by 40%
- 🚀 Integration completed in under 5 days with one developer
- 💬 Positive feedback from freelancers who now trust the payout process
“MonitorPay removed friction for our team and our freelancers. Now we’re scaling without second-guessing our payment data.”
— Head of Operations, EchoCart