Export Receivables Case Study
Export Firm Has It In The Can
Despite exporters’ frustration at the red tape surrounding international trade one firm has recently doubled the size of its premises and added a third company to its portfolio thanks to successful overseas expansion.
CEO, Ian Williams established TG Can Technology six years ago to deliver high-precision tooling and machinery to the domestic can packaging industry. He has recently expanded his business into overseas markets, hoping to capitalize on increased trading opportunities and stay ahead of the competition.
In the early stages of expansion TG Can Technology experienced difficulties with slow paying customers – something that troubles many exporters, as overseas organizations tend to have longer payment periods than the typical 30 days. This coupled with the inevitable language, cultural and legal differences as well as the logistics of getting goods delivered to customers on time as goods can be delayed by several weeks while in transit and going through customs.
Ian said: “We were funding our overseas business through our bank line of credit but we found that we constantly hit ceilings; it just wasn’t flexible enough to keep pace with our growing overseas business.”
Ian investigated alternative options and identified Export Receivables Finance: “It seemed like the perfect solution for us and we chose to work with Bibby Financial Services because it offered the most flexible, comprehensive service. We benefit from receiving funding up to 90% of the value of our export invoices as we raise them and the collections service means customers deal with us in their language and can pay funds into their local bank. It makes it easy for our customers to buy from us and that’s really important when operating in competitive markets.
“Export Factoring is in my opinion the most effective solution to funding overseas trade. We have a flexible supply of funds and more time to invest in growing our business. Our latest venture just wouldn’t have been possible without this invaluable service.”
Export Finance - How much does it cost?
Our services are tailored to your business so the fees will depend upon your specific needs.
There are two types of fee. The first is the cost of the money you use, which is extremely competitive when compared with other forms of finance. The second is a service fee, which encompasses the collections service. We are happy to provide a proposal.
What Next?
If you would like to speak with one of our Export Finance specialists simply complete our contact form. Alternatively you can call us on 877-88-BIBBY (877-882-4229), email us at sales@bibbyusa.com or request a call back.
