Shift provides trade accounts on demand allowing suppliers to get paid upfront while offering their customers more flexible trade terms. This means both the supplier and their customer can free up cash flow, while also avoiding tedious applications and drawn-out approval processes.
As the hospitality industry continues to navigate a myriad of challenges, including ongoing supply shortages and rising costs, Shift Merchant Sales Director Paul Barker says that suppliers often believe they have only a few options when it comes to combatting industry challenges, but this is no longer the case.
“In these testing times, suppliers may feel the need to either increase prices or cut costs, both of which can result in an unfavourable customer outcome and consequently slow sales.” he said.
“This is where Shift comes in – to give suppliers another option, especially when it comes to enabling sales growth and offering flexible payment options for customers without the supplier having to carry the weight of payment terms and management of the trade program”
“So, rather than increasing trade receivables and creating additional administrative challenges, suppliers can use Shift to break the cycle between accounts payable and receivable, immediately injecting cash into the supplier that enables them to invest in things that deliver a greater return like bulk buying special offers from their own suppliers or acquiring other businesses.” Mr Barker said.
Supply shortages and fluctuating prices are now, more than ever, heightening the need for flexible tools that can help businesses navigate the current climate, Mr Barker says, without tying up cash flow or having merchants act as a bank for customers who need flexible payment terms.
This is also why Shift has platforms built specifically for suppliers and their customers that can be used as a great sales enablement tool.
Providing platforms that are easy for the customer to sign up to and engage with also makes the customer more likely to buy from that supplier initially transact repeatedly, while offering flexible payment terms also helps customers deal with their own cash flow more effectively, Mr Baker said.
“Each supplier has their own set of challenges and need to do their own due diligence when choosing what is right for them. That said, choosing the right sales and business enablement tools can turn a lot of challenges into opportunities for customer acquisition and retention,” he said.
Benefits of Shift Trade for merchants
Optimise cashflow and return capital to the merchant’s business:
Shift pays the merchant upfront for each invoice. The customer then pays Shift based on the merchant’s invoice terms plus any additional terms the customer chooses, without any risk to the merchant.
Onboard new customers and transition existing customers in under five minutes:
The merchant’s customer registers online in a few simple steps, with account limits up to $50,000 activated in minutes and up to $500,000 activated within hours.
Provide customers with greater purchasing power and flexible payments:
With larger credit limits and more flexible payment terms, customers can now dedicate a larger share of their spend with a single supplier.
Reduced administration when facilitating payments:
Shift administers all of the merchants’ payment facilities including customer onboarding, credit and collections activity so merchants can focus on their core business.
Broaden the merchant’s pool of potential customers:
Shift’s broad industry coverage and risk-based assessment lets users provide flexible credit terms to a broader range of customers without incurring any potential financial exposure due to customer non-payment.
B2B payments for any business model:
Shift's platform allows merchants to maintain or expand their existing ordering processes with functionality for onsite, remote and eCommerce business models.
Access customer insights:
Shift’s platform gathers and shares insight into the customer’s transactional behaviour, that allows the merchant to focus their sales and marketing efforts more accurately.
Shift is finance on demand for business. Enabled by streaming data, Shift provides credit and payments platforms that help businesses trade, pay and access funds. As one of Australia’s fastest-growing technology companies, Shift is changing the way businesses access finance. 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. To learn more about Shift, visit www.shift.com.au/shift-trade/