Great question. You will get paid upfront. Your customers will get longer payment terms and larger limits. You will be able to transfer default risk to Genieum. You will be able to encourage trade loyalty via a Rewards Program and run sales promotions based around trade credit. All these benefits will improve your cash flow, increase your sales and reduce your risk.
Good question. Genieum is neither factoring nor lending. Genieum provides suppliers and their buyers with better trade credit. We affect the transfer of title to goods and services from the supplier to the buyer and in that process, we pay suppliers upfront for their outstanding invoices and re-invoice buyers with our 45 days interest-free within up to 120-day payment terms.
If you currently sell to other businesses on invoice payment terms (aka trade account or trade credit terms) (or you would like to!) and you have been trading successfully for at least 12 months, then you would be eligible for Genieum. We have clients of all sizes operating in all industries.
No. Genieum is straightforward to adopt. There is no locked in minimum contract term. You take, fulfil, deliver and invoice for orders from your customers like normal. You can exchange information with our technology platform via our integration options or secure file transfer. We simply ask that you stop supplying your customers when they are having difficulty paying us, just like you would normally do if they were very late paying you.
Excellent question. What business would not want larger spending limits and longer interest-free terms within up to 120 days payment terms? Particularly if they don’t need to change their work practices or systems. 80%+ of surveyed businesses want Genieum. In any case, you can select the customers you think are best suited and if they want it great, if they opt out, then sad but we of course respect their choice. At the very least and unlike factoring – they will see you positively as only trying to help their cash flow.
While we are here to answer your customer questions, we will not engage with them on any arrears or debt recovery until you have had up to 14 days to work with the customer and bring their account back in good standing.
