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Is a slow payment cycle killing your business?

Posted in Edward McKee Wright - The Financier June , 2013  25 Comments  Add your comment ›

Edward McKee Wright - My Business Finance

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More than 97% of NZ businesses fall into the SME category and they employ 30% of our country’s workforce. So whether they thrive or fail has a big impact on our economy.

In Australia, businesses are waiting nearly eight weeks to be paid by other companies, with the average invoice payment time rising to 55 days for the first quarter 2013.  In New Zealand, it currently stands at 43 days – still too long for those needing to pay staff and with their own suppliers demanding payment on 20th of the month terms.

Increasing payment terms and delays are pushing the limits for many small businesses which depend on incoming cashflow to pay their own suppliers and staff on time.  Indeed, surveys show that more than 70 per cent of small businesses expect cash flow to be an issue to their operations.

Many debt financing options for SMEs can be restrictive with prohibitive terms or finance rates, as those who have had to provide guarantees against their personal assets can attest.

Invoice financing, or factoring, is an option that is growing exponentially worldwide, but is still in its infancy in New Zealand.  Factoring is a financial transaction whereby a business sells all or a portion of its accounts receivable (invoices) to a third party (called a factor) at a discount, in exchange for immediate money with which to finance continued business.

The NZ factoring market is currently at $1billion and growing, while in Australia is it has been valued at $78 billion.

Working Capital Solutions is one of New Zealand’s leading specialist business financiers, and  as such, an expansion across the Tasman seemed inevitable.  We are very pleased to now be offering our services in the Australia market, alongside one of the industry’s most experienced authorities, Australian Greg Charlwood.

Taking on the competitive Australian financial services sector in the today’s economic climate is not for the fainthearted, but we are confident in our firm’s capabilities and expansion plans.  

Our service focuses squarely on the smaller SMEs who benefit most from improved cash flow using their main asset, unpaid invoices. We’ve the advantage of extensive experience and cutting edge software that provides real time transparency through a unique online client interface.

If you think invoice financing could be the solution for your cashflow woes, then visit our website www.workingcapital.co.nz or contact us on +64 9 903 4063.

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