the client

The client is a long-established family business supplying quality electrical components based in regional NSW. They aim to provide electrical equipment and parts for heavy industry & manufacturing. They have supported thousands of Australian companies in the mining, ports & maritime, rail, food & beverage and pharmaceutical industries for over 50 years.

Growing from a small store, they are now leading the way in distributing high-quality industrial electrical equipment nationwide.

the challenge: seeking better communication and an easier process

Being a B2B business that offers extended payment terms, cashflow has always been their problem. Therefore, before coming to thornmoney, they already had an invoice finance facility set up with another major lender.

The client felt that their previous provider lacked customer service. No one called them to support and reassess their financial needs. Therefore, they had to seek another invoice finance provider. The owner, who has had a good relationship with our BDM Aris Lockhart, came to ask him for advice.

thornmoney’s invoice finance saves the day

Aris highly endorses the client’s financial performance. “They are really a bank quality client”, he said. “But the reason they didn’t go to the bank is that they know the same problem with their former lender will happen again”, Aris added.

After showing them our Thornmoney invoice finance platform, the client was impressed with the streamlined and easy process. The intelligent system offers no lengthy audit and removes most administrative tasks from the customer’s shoulders. They also love that we don’t have a minimum or management fee. We only charge them against funds that they draw down. The client finds it much more economical. So, they decided to go with thornmoney.

As a result, thornmoney offered the business a $1 million confidential invoice finance facility, twice as large as their previous facility. The client was happy with the easy onboarding process. It was as simple as connecting their accounting software with our system. We did all the heavy lifting. And most importantly, they enjoy the fact that Aris and Arvind Chand, our operations manager for invoice finance, are always there to pick up their phone and discuss their funding needs.