Payment flexibility has been commonplace in B2C transactions for many years, and now, emerging payment technology is making this possible for B2B trade.
When you own a service business, a lot of time and energy is focused on booking, tracking and closing jobs, often using a manual system.
From head office, you will be working with franchisees across varying stages of maturity. Some owners may have a long history of owning and operating a business, while others may be starting out with their first venture.
“The cheque’s in the mail” no longer cuts it as an excuse – but late payments still plague Australian businesses. By some estimates as much as $77 billion worth of payments only arrive after a long wait.
Buy now pay later (BNPL) services have quickly become commonplace for consumers. Company reports for ASX-listed BNPL providers outline that the value of BNPL transactions grew by 55 per cent in 2019-20.
Overdue invoices can be crippling to a business’s cash flow. Not only is it difficult to continue operating when payments are outstanding, but chasing up debtors takes time and often involves several manual and disjointed processes.
Strong cash flow is critical for any business. Without it, businesses will have difficulty meeting their regular expenses, let alone have the capital to make larger investments in growth.
You have to spend money to make money. It’s a phrase most people know well, especially when you own or run a business.
Options such as buy now, pay later (BNPL) services were first introduced to business to consumer (B2C) transactions, giving customers the ability to access products & services they need today while paying at a later date or over a series of instalments.
As a supplier, wholesaler or distributor in the Fast Moving Consumer Goods (FMCG) sector, your business likely deals with a high volume of B2B payments.
Franchise businesses deal with many suppliers and customers each day. Whether the day involves ordering stock, moving inventory or sending invoices, there are a range of challenges and inefficiencies that can arise along the way.
Late payments aren’t new to Australian businesses. For many businesses, having almost $40,000 in outstanding invoices is the reality of operating, but it doesn’t have to be the case.
The Finnie Awards is going virtual again! We are excited to bring everyone together for the evening on October 13, 2021 (5:45 pm – 7:00 pm AEST) to celebrate the many successes in the Australian fintech industry!
As technology develops, the innovations in B2B payments also continue to evolve. Access to alternative finance channels is giving businesses the cash flow they need to grow and operate with ease.
Franchise head offices have a significant impact on the strength of the entire franchise group.
Running a franchise network requires alignment of brand, products and services, and systems and processes.
Cashflow is critical for businesses, but there’s another major piece of the puzzle you need to get right as well: working capital.
In Australia’s current B2B landscape, one of the biggest issues impacting businesses across the entire supply chain is late payments.
Traditionally, businesses choose multiple software solutions to run each aspect of their business. However, these systems often don’t communicate well with each other.
With measures such as the Federal Government’s JobKeeper Payment Scheme ending on 28 March 2021, a slight cooling in the country’s economy wouldn’t have been a surprise.
Late payments are an ongoing problem for Australian businesses. If you’re a business owner, you’ve probably seen the statistics and felt the effects of these in your own business.
Australia’s fintech sector is growing rapidly and becoming a driving force for innovation in the region. At last count, there are over 700 fintech companies in the country.
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