An Interview With Fetch – Smarter Reimbursements

1200x630bb iconNow there is a one stop solution to your out of pocket expenses. Remember the time, when you spent some money on some office work, and you had to go through all the tedious process for getting a reimbursement. Well that annoying phase is over. Thanks to Fetch. A wonderful and a really helpful App, to reimburse the pending money to your employees or to get reimbursed from your employer. There is no match to this amazing App. Here’s what the creators of Fetch had to say to TheAppleGoogle, when we spoke to them about their wonderful App-

How did you conceive the idea for Fetch?

Fetch was built by the Shoeboxed team and the idea behind it came from the feature requests of actual Shoeboxed customers. We always had customers asking us to build a full-service expense reporting solution that was extremely simple and lightweight compared to the existing solutions on the market.

While Shoeboxed is great at digitizing receipts, it was never meant to serve as a full-on expense reporting tool. When we were doing our initial research we found that other expense reporting apps were not only difficult to use but that they typically tailored to the needs of larger companies. This was our opportunity.   

We created Fetch to cater to companies with fewer than 50 employees who need to be reimbursed for expenses. We did not build Fetch with Fortune 500 companies in mind because they already have their own travel and expense management tools. Simply put, Fetch was built to be the absolute easiest way for employees to submit expenses and for their admins to pay them back.

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Shoeboxed is already so big in its space, what are your plans with Fetch? How do you plan to become #1?

Our plan is for Fetch to become the #1 employee expense reimbursement app among businesses with fewer than 50 employees.

We want to disrupt the expense reporting industry from the ground up. This means that we had to build Fetch to be functional for all employees, regardless of whether their company administrator(s) had signed up for our service or not. This is why all users have the ability to use our “solo” plan for free once they download the app.  

We also plan to set ourselves apart through our minimal and functional design. Fetch was designed to feel more like using an app like Venmo instead of a clunky expense reporting app. This elegance has already helped us retain users at a high rate.

Another big differentiator of the app is that we have completely eliminated the need for employees to generate actual expense “reports.” Fetch uses a unique expense batching system that makes it extremely easy for employees to submit expenses and for their administrator to approve them.

By revisioning the entire expense reporting process, we’re already starting to see Fetch stand out as the “easier” and “smarter” solution for smaller businesses.

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How much of Shoeboxed resources have you allocated towards Fetch?

The backbone of Fetch is actually built on top of Shoeboxed’s receipt processing technology.

Shoeboxed has processed tens of millions of receipts and we’ve gotten very good at automatically extracting the total amount and date off receipts. Fetch employs this same technology which gives users submitting receipts a very quick and seamless receipt submission process.  

What are your marketing plans with Fetch?

Building and maintaining visibility in both the Google Play Store and Apple App Store has been a top priority of our marketing team. We were fortunate enough to have been featured as one of Apple’s “New apps we love” after launch which got us a ton of early downloads and users.

We’ve also been focusing heavily on content and working with influencers in specific industries to help start the conversation surrounding Fetch. A lot of these conversations revolve around what Fetch is doing to the expense reporting industry and what it means for the future of travel and expense management.

The verticals we’ve seen early success with are those which have employees working “out in the field” that need to track their own mileage and expenses. Some specific examples include plumbing and electrician companies as well as tech companies.

As we continue to grow we’ll also be expanding into paid advertising channels.  

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Why do you think there is a need for an App like Fetch when the finance space is filled with Apps?

The global SaaS-Based Expense Management market is expected to reach $2.7 bn USD by the end of 2022, growing at a CAGR of 7.98% between 2017 and 2022. Combine this with the statistic that nearly 70% of small businesses are still using paper-based expense reporting systems and you really start to see the opportunity.

Fetch has great potential to break into this space considering our product is simpler than anything else and it’s tailored to the needs of the smaller-guys instead of big corporations.  

Any future Apps that you are currently working? Can you share its details?

Our current efforts are focused solely on building out the feature set of Fetch. We’re receiving tons of great customer feedback and iterating on the the first version of the app as quickly as possible. Stay tuned!

What would be your advice for budding developers?

Aim for simplicity and just make ‘it’ happen. Snags occur in nearly every stage of the development process. What sets your team and your product apart is how proficiently and quickly you overcome those challenges. We had plenty of setbacks while building Fetch.

Instead of letting these setbacks gridlock us, we buckled down, notified the rest of the team what to expect and pushed through. If you can do this, you’ll always end up with a product you’re proud of. The only thing left to do is get customers to like it 😉

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