“We cannot do anything to change how we use credit terms in business. However, there is something that we can do with unpaid invoices.
We call it invoice financing.”
A study done by the largest credit insurer in the world revealed that Singapore has the highest number of unpaid invoices in the Asia Pacific countries. This poses a great challenge to the businesses in Singapore as late payment will cause their cash flow to be affected and leading them into debt and bankruptcy.
Therefore, with invoice financing, businesses have the option to sell their unpaid invoices to financial institutes at a discount. This enables businesses to improve on their cash flow even though the client’s payment for the invoice is still 60 or 90 days away and allows them to receive funds immediately. With improved cash flow, businesses can offer better payment schedules to their clients and in a way keeps their company competitive as it attracts more clients.
Moreover, invoice financing also helps to keep the credit low and hence businesses do not have to worry about their debt level is too high to borrow a large business loan.
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At a time when business is soaring for FinTech and Technology is a major driver for economies, Atlanta is a metamorphosing into a high-tech hub which other cities dream about.
Atlanta has leveraged on its talent, location, transportation hub and citywide technological support, and emerged into a leading fintech hub, thereby fostering its development.
In addition to its dominance in the fintech space, Atlanta posits itself as an emerging player in the payments-processing industry. According to the American Transaction Processors Coalition, Georgia is predominant in the volume of credit card payments processed globally. Atlanta commands diversity in companies in its fintech space, thereby resulting in firms with distinctive cultures and different sizes across the revenue channel.
Testifying the growth of the fintech space in Atlanta, umpteen startups in Atlanta’s fintech spectrum have had IPOs. Furthermore, it serves as a draw to international up-and-comers in the industry. These start-ups posit a promising future, of becoming upper-middle-market companies and corporate entities, if they receive the appropriate talent, experience, and capital.
Atlanta possesses immense potential in its growth as a leading high-tech hub in the fintech space, given its unique status as the only major city in its region. Furthermore, the existence of premier research universities within proximity ensure a promising talent hub. Atlanta’s corporate leaders have extended their help to encourage young entrepreneurs and technologists build successful companies. Last year, a group of established companies collaborated with Georgia Institute of Technology to kick-start a new venture-capital fund and mentorship program titled Engage Ventures. Continue reading