Shieldpay's legal team wanted to improve the contract lifecycle with a more streamlined, efficient process. Find out how Juro reduced the end-to-end contract process from weeks to a few minutes.
Shieldpay is a payments company that is quickly becoming the global leader in securing high-value transactions. Whether an individual or business, Shieldpay enables instant digital escrow payments to be created in a fast, streamlined and cost-effective manner.
“We’re saving so much time - contracts previously taking a week to sign are now taking minutes”
- Willem Wellinghoff, Chief Legal and Compliance Officer, Shieldpay
The challenge: a back-and-forth contract cycle
Before Juro, Shieldpay’s legal team had to manually create all client contracts from scratch. Legal documents needed to be personalized for e-commerce, marketplaces, and professional services. Long drafting and redrafting processes had an impact on the legal team, says Willem Wellinghoff, Chief Legal and Compliance Officer at Shieldpay:
“We would send the client a Word version of the contract, which both parties negotiated back and forth before the signature stage. The end-to-end process could take anything from a few days to over a week, sometimes even longer; several weeks to a month.”
The process impacted both legal and commercial teams - legal were keen to avoid delays in negotiation; commercial teams wanted to overcome the repetitive nature of reviewing contracts and sign deals faster.
The requirements: what did Shieldpay need?
“It was vital to have an easier execution level between our contracts and our clients,” explains Willem. The legal team also wanted to remove the manual contract processes and empower the commercial team. “There was a greater desire to have a tool where commercial teams could manage contracts, and legal could step in where necessary to approve them.”
The solution: a streamlined, successful contract workflow
In March 2019 Shieldpay implemented Juro to resolve the pain points within legal and commercial. It wasn’t long before they saw the impact.
“Being able to sign contracts faster is positively received; Juro allows us to set up our clients for success”
“Unless there are major outliers within the contract, the legal team only has approval status. This was exactly how we hoped to phase our business, using a solution like Juro.”
Getting to 'yes' faster
“We’re saving so much time. It would sometimes take a month to complete the contract process, end-to-end, before Juro. Now the system makes generating a new contract much faster - from several days to several minutes. The time towards completion has gone down drastically.”
Set up for success
“The engagement in our partners being able to sign contracts in a much quicker fashion is positively received; Juro allows us to set up our clients for success.” The implementation has also shifted the focus of what is traditionally seen as a pain point of contract negotiation. “Our clients see us as understanding, with quicker turnaround times and faster execution - thanks to Juro.”
The results: less time, more value
Shieldpay wanted a contract process that would scale with the business, empower commercial teams, and provide engagement for both clients and users. Willem researched many options before settling on Juro - and quickly found value in his decision.
“There’s far more engagement now - having the contract workflow on a collaborative platform like Juro made it much easier to manage. The legal team has provided business value in an environment where legal are typically seen as blockers. A business of our size that’s scaling would definitely benefit from using Juro to help manage contracts.”