Exploring finance on demand for your business

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Exploring finance on demand for your business

Lockdowns, restrictions, and now rising interest rates and inflationary pressure, have left many businesses looking for a Plan B. However, for the ones able to pivot, embracing technology and new ideas can provide some exciting momentum and opportunities.

“When you face challenges, they can create opportunities for businesses who are flexible in their thinking, as the last two years have shown,” said Paul Barker, Sales Director at Shift. “If you’re a business who, instead of purely focussing on your bottom line and cutting costs, takes the opportunity to explore different avenues of growth, then you’ll often find opportunities.”

Many industries have experienced sales growth during 2022 so far, with transport and retail trade being two examples, according to the Shift Business Index, even as the macro environment continues to change.

“Businesses are trying to navigate through what feels like a constantly changing environment. It’s quite challenging for suppliers and businesses, but some are leveraging the right solutions at their disposal.”

It’s no wonder that choosing the right embedded financial solution is critical for businesses to have access to the funds they need to grow and purchase equipment, without draining cash reserves. Speed, along with flexibility and long-term fit, are critical factors to consider.

Mr Barker elaborated, “You find that speed and simplicity are incredibly important. What if you’re a café owner and the dishwasher is broken, and you need to replace it? Your first option is to take that out of cashflow – if you have the luxury of doing so.”

Or perhaps a business may turn to the bank, which could take days or weeks for an approval.

“What we do is streamline the process and issue a line of credit to the customer. It enables them to purchase repeatedly on that same line, so they might need $5000 now for the dishwasher and they might need a vehicle tomorrow, they can do that on the Shift Equipment Line without needing another approval process for each purchase.”

Embedded financial solutions for business

Embedded financial solutions like Shift are putting suppliers in control of their sales process, to ensure their customers can access the funds they need, when they need them in either a showroom or eCommerce setting. Mr. Barker said, “For suppliers, Shift’s Equipment Line is a sales enablement tool, with a simple customer registration process and on-demand access to funding for every purchase.”

Business customers register once and get access to revolving funds for equipment and fit-outs, up to $1 million in total and $500,000 per transaction. Repayments can be made monthly over five years and there are no payments for 120 days on fit-out purchases.

“There’s transparency and ease with this process,” Mr Barker said. “Businesses can add on their line at any time, making one payment per month for all their items purchased over time, and they’re really appreciating how they’re in control of the transaction and process.”

A pain-point for many businesses is managing their cash flow, and unplanned purchases can sometimes leave them strapped for cash. Finance on demand through the Shift Equipment Line aims to assist in breaking this cycle.

“We’re helping suppliers access their funds quickly and upfront for each transaction so that they don’t have to wait for payment of their invoice,” said Mr Barker. “The customer benefits by not getting tied up in long approval processes.   

With over eight years of experience in helping Australian businesses, to trade, pay, manage cashflow and grow their businesses, Shift (formerly GetCapital) is changing the way we traditionally view financial solutions.

“On both sides of the ledger, supplier and buyer, we deliver speed and ease of use, and that’s why it works. We have a network of suppliers and buyers that work seamlessly together on our platform to deliver a simple experience.”

Shift has been recognised by AFR’s Fast 100, Deloitte’s Technology Fast50, Smart Company’s Smart50 and Deloitte’s Asia Pacific Technology Fast 500.

The right tools in place now and down the track

“It’s easy to go for your bottom line. How do I cut costs? How do I reduce spend? For businesses that can take a longer-term view it’s worth focusing on harnessing the right tools to continue to operate a sustainable business whist also growing your sales and adapting for success in a changing environment? Shift’s credit, trade and payments platforms enables suppliers and buyers do just that,” Mr Barker said.

Ultimately, the goal remains empowering businesses to stay nimble in today’s unpredictable business environment and help them achieve their long-term goals. As Mr Barker explains, “We offer a simple, flexible, light-touch solution for suppliers and buyers, that solves several of their common challenges. Our platforms are built based on feedback from our customers and partners with a focus on ensuring businesses have the right tools in place to adapt and grow.”

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