Late last year, we successfully expanded into Progressive Supermarkets (Countdown in NZ, or Woolworths in Australia), when we were asked to supply to 160 of their 185 stores. This increase in volume was a wonderful opportunity for our business, although meant we had to dramatically increase our inventory stock.
This posed a challenge for us, as we are required to pay our suppliers at time of purchase while waiting on 60-day payment terms with the supermarkets. We had to find a finance solution which would enable us to provide continuity of supply and ensure we could continue to meet our obligations to our suppliers.
Initially, what impressed us most about Apricity was the interest rate, which was far more competitive than anything else we had seen in the market. We also liked the idea of being able to have the freedom to pick and choose which invoices we paid and when, giving us the flexibility we needed. Furthermore, funds were available in our account within 24-48 hours, providing us the ability to pay invoices quickly and keeping our suppliers happy.
Apricity has delivered all of this, but now we really think the service and relationship with the team is the most outstanding feature. We receive regular check in calls to see how everything is running. It’s nice to know they are always on hand and I personally appreciate it as back-up to our day to day business.
Apricity has allowed us to continue to run our business smoothly, confident we have enough stock on hand to supply supermarkets whilst meeting our obligations to our suppliers. I would absolutely recommend Apricity to other businesses looking for flexible cash flow solutions.
Food Importer, NZ