PAAY + Concord

Challenge

PAAY’s legacy contracting system wasn’t measuring up to their current needs. As a leading fraud protection solution for online merchants, they’d grown beyond the capabilities of their old proposal management app. They needed an AI-powered solution that would enable multiple stakeholders to redline agreements on the go, and quickly extract data from signed contracts — so they could close deals and get to value faster.

“Our account executives (AEs) go to fintech networking conferences all over the world,” explains Melissa Hyde, Senior Sales Operations Analyst at PAAY. “So they needed to be able to redline contracts on the go, and get notified when a contract is signed.” 

PAAY also needed audit trails to automatically track all edits and signatures in a contract, so they’d have one centralized source of truth for interactions with each agreement. “We really needed those certificates of system data collection, just for our own peace of mind,” Hyde says.

It was also important for PAAY to find a contracting system that integrated with HubSpot, the platform their sales reps use to manage deals. Their existing contacting platform  didn’t offer those integrations at a reasonable price point, which sent PAAY in search of a platform that offered a better value.

Renewal notifications were another significant value-add for PAAY. “Our contracts are annual,” Hyde says, “so we want to be able to upsell in advance of a renewal.” That meant they needed a solution that would send automated alerts about contracts about to renew, so they could negotiate better terms, and renew or cancel on time.

And critically, PAAY needed a time-efficient way to extract data out of contracts. Many of their legacy agreements were scanned PDFs, and they were spending hours of every day manually typing that text into their database. A solution that could intelligently extract and populate this data would be a game-changer for PAAY’s day-to-day workflow.

Solution

After researching several different solutions, PAAY realized Concord would be the easiest to roll out across their whole team, and the fastest for sales reps to adopt. The platform’s intuitive interface is similar to Google Workspace, and that familiarity meant everyone on the team could start sending, negotiating and signing contracts straight from day one.

PAAY’s sales team were thrilled to find that Concord provides built-in redlining and an automated audit trail. Instead of having to send multiple document versions back and forth, they can negotiate in real time in one live online document, and finalize signatures in the same doc. All activity is tracked automatically in a secure audit trail. 

On the renewal side, Concord automatically tracks upcoming deadlines, and sends emails summarizing contracts that’ll soon be up for renewals or terminations. This gives PAAY’s account execs advance notice about deals they can reach out to upsell. That enhanced visibility on upcoming renewals has proven to be a major revenue driver for PAAY.

Concord’s transparent flat-rate pricing also helped sell PAAY on the platform’s value. “The fact that we’re able to create as many documents as we want, and not get charged for every single one, is a huge value driver for us,” Hyde says. Concord’s cost-effective integration with HubSpot has also been a significant value-add, helping AEs create deals in their platform of choice and seamlessly move over to Concord for negotiation and signing.

But one of the biggest value-adds has been Concord’s Agreement Intelligence, powered by AI. Now, instead of spending hours manually typing out contract details, PAAY’s team members simply click a button in the app, and Concord’s AI quickly extracts key details from agreements — even if they’re scanned PDFs. 

“That level of automation has really led to better data collection, and cleanliness too,” Hyde says. “Now that we’ve got Google Drive connected to Concord, we can bring in PDFs and Word docs that were created and signed in any platform, and Concord pulls out the data we need with just a click.” That means Concord delivers value after the signature, collecting data and providing analytics that continue to drive revenue long after a document has been signed.

"We can bring in PDFs and Word docs that were created and signed in any platform, and Concord pulls out the data we need with just a click."– Melissa Hyde, Senior Sales Operations Analyst at PAAY

Results

Concord has proved valuable for PAAY’s admins and account execs in a number of ways. “It’s not only helping us save time,” Hyde says; “it’s helping us close deals and get to value faster. Contracts are moving a lot more smoothly, plus we’re getting much more detailed visibility on the data our agreements contain.” That’s largely thanks to Concord’s Agreement Intelligence, as well as the platform’s built-in audit trail.

PAAY has also been able to capture more value from each deal with the help of Concord’s automated deadline reminders. Now, each time they bring an agreement into Concord, the AI automatically fills out the lifecycle details, including deadlines and other key dates. That means PAAY’s team is saving many hours of manual labor on data entry. Plus, they can act in advance to upsell or cross-sell on deals coming up for renewal, and capture more revenue.

Thanks to Concord’s native integrations with HubSpot and Google Drive, PAAY’s entire contracting workflow is now smoothly connected across platforms. Account execs can start a deal in HubSpot, generate a Concord agreement from right inside that deal, then redline and sign it in Concord, and store it in Google Drive. Concord’s AI-powered search quickly retrieves files with just a few keystrokes — even if they’re PDFs.

And since Concord’s intuitive interface is so easy to learn, PAAY has been able to quickly roll it out across their entire organization. Staff members from the admin level all the way up to the executive team can start uploading, redlining, signing and analyzing contracts immediately, with very minimal training. That means more data keeps flowing into Concord — driving a cycle of exponential value that’s helping PAAY capture more revenue and scale faster.

“Concord has just been great for us,” Hyde says. “We adore the AI features, and the analytics. The redlining, audit trail and integrations have all been hugely helpful, too. There’s no other contract platform that delivers this much value at this price point. Period.”

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