If there is one thing that Covid-19 has taught us, it is that for every business that succeeds, ten others are failing and possibly even more during times like this.
Under normal business conditions, most companies tend to focus on growing their topline through increasing market share via acquisition or market expansion. This is mostly done through debt borrowings which have been relatively cheaper for many years. Routine cash flow and working capital needs such as negotiating credit terms, paying bills, and collection of receivables turnover are often taken for granted.
However, during unprecedented times such as these, things don’t usually go as expected.
When an impending economic recession hits the shore, most companies scale down on their spending and tend to return to the basics through managing their cash flow, particularly how much their cash flow can last them. During times like this, there are constraints at all levels including how much capital expenditure they should spend and how much savings they should have to endure this long winter period.
Looking at lessons learned from the SARS outbreak in 2003, the Great Financial Crisis in 2008, the Oil Crisis in 2015, and the ongoing Covid-19 crisis, most credits and liquidities tend to dry up during an impending economic recession. This hits small and medium businesses (SMBs) even more as they are the most vulnerable due to insufficient liquidity or paucity of funds.
According to a report from Small Business Roundtable, the position of small businesses are particularly bleak with about a third having temporarily stopped operations, and more than half have furloughed or reduced their headcount.
InstaReM’s BizPay Solution helps businesses boost their cash flow needs.
As we all might agree, most corporations do not maximize their untapped existing credit lines for their working capital needs. This is a waste, as businesses can reduce their DSO, increase their DPO, and enhance their working capital turnover.
For instance, most companies utilize their credit card facility for business, travel, and entertainment purposes, where typically establishments like restaurants, hotels, and airlines accept card-based payments. However, these are mostly discretionary expenses, which during a crisis most companies are likely to scale down. The critical day-to-day expenses such as supplier payments, payroll, rent, taxes, insurance, and utilities are expenses that companies will have to sort out urgently.
The whole paradigm of how corporations can use their untapped existing card lines for these critical payments is what makes InstaReM BizPay an attractive proposition.
Payments to vendors or suppliers can be done in 2 simple steps:
First, you do not need to on-board the integration of their payment system to BizPay.
All that is required is an invoice from them and their bank account details.
Next, simply log into your BizPay account and key in the credit card details to the transactions you are making.
By using a credit card, you will be able to enjoy an interest-free period from the time you made the payment to the time you have to make payment to the credit card.
Depending on the type of card providers that you choose, these interest-free period equates up to 55 days, which consists of both the card billing statement (~30 days) and repayment period (~25 days).
InstaReM charges a platform fee of 2.5% per transaction, which amounts to a small percentage of financing fee.
Cross-Border Transactions
Most companies operate their businesses regionally and they might have overseas suppliers or vendors that they have to pay.
Foreign currency fees on overseas cross-border spending usually eats up into the margins and trickles down into translation losses for the business.
InstaReM BizPay recognizes this challenge and has a solution to this.
As a specialist in the currency remittance business on cross-border transactions, one of their main value propositions is their attractive exchange rates as compared to banks. Last year, I wrote about the competitive exchange rates and low fees that InstaReM remittance platform provides. Businesses will also be able to avail the benefit of this service with the integration of BizPay for any future cross-border transactions.
InstaReM BizPay is currently available in Singapore and Australia while it is also targeting Malaysia in its next launch this year.
There are also plans to go to the next emerging market such as Indonesia and India and then further into the big markets such as Europe and the United States.
Conclusion
If you are interested to learn more about what BizPay is all about and how it can help your business with cash flow turnaround needs, you may refer to the website here.
For a limited time, we are working together with BizPay in this edition.
To sign up, simply click on the following link embedded here and you would be assigned a representation who will contact you further on the next step.
Disclaimer: This article is written in collaboration with InstaReM and contains a referral link that goes to maintain the sustainability of this blog at no additional cost to you. This article is meant purely for informational purposes and should not be construed as financial advice.
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