Until recently we were a small business operating with two trucks, however, we are now enjoying a period of growth and have increased our fleet with demand.
Generally, the main issues that arose for our business were due to scheduling. We have clients that are very last minute with their needs, while others are more organised – this means we run into cash flow issues when we need to pay our drivers or fuel suppliers but are waiting on the payment of our own invoices.
We also had some opportunities on the table to grow our business, but we were unable to act on them due to cash flow instability (as well as not wanting to get into further debt). We spoke to a broker at Crediflex who recommended invoice financing as a solution.
At the time invoice financing was a relatively new product to New Zealand but we could see straight away it was a great option to unlock the finance from our invoices, improve cash flow and create some working capital for expansion.
Since we began working with Apricity our revenue has doubled, we have been able to take advantage of larger opportunities without having to worry about how we would pay for the additional costs, in particular employees and equipment. Invoice finance gives us flexibility and quick turnarounds as well as having no requirement for extra security (as asked for by our bank).
We have a great relationship with both Apricity’s Head Office in Australia and the office here, working with them is a smooth process – really “a piece of cake”.