09 Nov $80,000 in Device Purchases & Upgrades made easy through BidFin
A Finance sector customer recently leveraged a custom BidFin Payment Solution to enable $80,000 worth of hardware upgrades from suppliers Apple and HP over a 6-month period. The customer wanted to ensure their mobile workforce was not disadvantaged whilst working remotely and that they had access to all the benefits that come with the latest communication technology. As the purchases would occur over time rather than in a single order, any payment plan had to facilitate a straightforward way to purchase without the requirement for entering multiple finance arrangements with their IT Partner.
BidFin’s solution was to establish a pre-approved annual purchasing limit under a Master Rental Agreement. This Master Rental Agreement allowed for additional drawdowns throughout the year which were aligned to the purchase of the new devices. This solution provided both the Customer and the Partner with the ease of use and payment flexibility they were seeking.
Customer Profile:
A leading Private Wealth Management organisation based in NSW.
Technology Suppliers:
Apple & HP
Technology Solution Overview:
- The customer required a streamlined and easy way to purchase hardware devices for new staff and, upgrade existing hardware across the business as devices age or become obsolete.
- Given the mobile nature of their workforce and the various ages of the existing devices, purchasing would occur over time and, as such, there was a need to have a credit facility established that enabled for ad-hoc purchasing based on demand.
- The customer did not want to manage the maintenance and servicing of devices and wanted to ensure that at the end of term all devices could be handed back.
Delivery Partner:
- A well-established provider of network infrastructure and consulting based in Sydney.
Payment Solution Partner Benefits:
- Ability to ship orders directly to the customer when they are placed.
- Ad-hoc orders accumulated into a monthly batch for BidFin to document and settle without the need for credit approval.
- One reconciled payment made to the Partner typically within 24-36 hours of submission.
- Opportunity to upgrade the customer to the newest technology at the end of the rental term.
Payment Solution Amount & Payment Profile
- An annual pre-approved limit is in place that the Partner can draw down – Partner has processed YTD sales of $80,000.
- Master Rental Agreement allowing for additional “drawdowns” based on the new purchases.
Payment Solution Customer Benefits:
Monthly Payments over 36 months provided the following benefits for the Customer;
- An easy way for new and existing staff to access the latest technology and remain productive whilst working remotely.
- A master facility allows for new purchases to be easily added without the need for a new credit application.
- Ability to upgrade to the latest technology at the end of the rental period.
- No upfront or maintenance costs.
If you have a customer that would benefit from a Payment Solution to meet specific budget or cash flow needs, talk to us today! Email info@bidfin.io
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