Fundtap Helps Businesses Grow, Improves Cash Flow with Invoice Financing | New Zealand business magazine
Are cash flow pinch points hindering your business growth? There is now a fast and reliable alternative to traditional bank loans. Two Kiwi companies share how FundTap has worked with them to support their growth.
YUM is the pioneer of delicious handmade New Zealand granolas and breakfasts available to households, cafes, hotels and supermarkets across the country.
After experiencing high demand and growth, YUM began to see a trend in its cash flow. They got stuck for a few weeks every month between receivables and debts and actively sought a solution to help close that gap. After talking to their bank, they referred them to FundTap bill finance.
YUM was looking for affordable and realistic unsecured financing. FundTap stood out because it was a local supplier with a more personal approach to collaboration.
âWe love convenience and accessibility,â says Sarah Hedger, co-founder of YUM. âThere is always someone available to answer questions and help us. It is also a fairly simple system. FundTap has allowed us to do things with our business that we could not have done otherwise.
YUM was able to launch a new product flavor, Granola # 8 – 100% New Zealand Grown. âIt was a foreclosure idea that we were able to bring to market in three months with the support of FundTap. As a result, we have achieved phenomenal sales and growth and have been able to achieve scalability more easily with the support of FundTap. We were able to save money by ordering larger volumes of ingredients and having capital available to pay for large runs of packaging with long lead times.
YUM measures the speed at which FundTap is operating. âIt’s so important to be able to strategize with human beings on the other side of the phone so that we can find solutions together. “
For the future, YUM wishes to develop its packaging towards compostable materials, which will involve a significant investment. âWe have found that start-ups do not seem favorable to a bank on a piece of paper. But given the progress we’ve made using FundTap, we’ll continue to work together to achieve this next step in our growth plan.
Sarah Hedger from YUM
Aaron Orchard from Phoenix Kitchen
Phoenix grows with support from FundTap
Phoenix Kitchen Transformations is one of New Zealand’s leading kitchen design experts, renovating and redesigning timeless kitchen spaces to suit all tastes and styles. After social media marketing in the industry led to rapid growth and increased demand for retail kitchen space, Phoenix Kitchen Transformations reached out to FundTap to seek capital to support the growth of their business.
Phoenix Kitchen Transformations’ cash flow issues were based on the need to purchase materials in advance, pay contractors during a renovation, and financially support the development of many models at different stages at the same time. Phoenix Kitchen Transformations knew that invoice financing was a fast and reliable alternative to traditional bank loans. They chose FundTap because of its straightforward processes and compatibility with Xero.
Phoenix Kitchen Transformations found that banks demanded that they prove they did not need financing in order to easily obtain bank financing. With prior knowledge of the invoice finance industry, Phoenix Kitchen Transformations immediately trusted the FundTap team and service, noting the very reasonable fees and the impressive speed with which financing was advanced.
Phoenix Kitchen Transformations were particularly pleased with the simplicity of the FundTap process. The ability to connect FundTap to Phoenix Kitchen Transformations accounting software meant a seamless process, with the FundTap team monitoring transactions through Xero.
âBeing able to easily contact the FundTap team is really helpful, as is the speed at which things can be sorted out, especially when it’s more urgent,â says Aaron Orchard of Phoenix Kitchen Transformations.
âIt made the finances a lot easier. I can buy materials in bulk rather than as they go, saving me valuable time and money. FundTap gives us the flexibility to use our finances strategically to stay competitive and maintain our momentum for the continued growth of our business.