How Brickston Transport Services Boosted Its Cash Flow Through Invoice Financing
Founded in 1988, Brickston Transport Services is one of the largest private bus companies in Singapore. With a fleet of over sixty air-conditioned buses, the company provides private bus charter services to firms in sectors like the marine industry, pharmaceuticals and chemicals – including maritime engineering service provider ST Engineering Marine. Every day, Brickston shuttles hundreds of workers to and from their workplaces in far-flung locations like shipyards and factories, running about 400 trips daily.
As Brickston operates in a competitive market with high operational costs such as manpower and maintenance, Glyn Gan, Director at Brickston, was looking at ways for the firm to get paid as fast as possible to improve its cash flow and shorten its working capital cycle. After trying offerings from traditional banks, he learnt of Validus’ Corporate Vendor Financing (CVF) partnership with ST Engineering Marine.
As part of this partnership, vendors like Brickston could enjoy pre-approved invoice financing of up to $500,000 in cash instantly with no collateral requirements, at preferential interest rates. The firm started using this service in 2018 and has been using it to bridge cash flow in the four years since then.
Fast and Seamless Process
A key reason for Brickston choosing Validus is the faster turnaround times as compared to conventional offerings from other financial institutions.
“We had been using financing solutions from traditional banks but their processing times are much longer than Validus with more paperwork. After submitting many documents, I still had to wait for quite some time to receive my funds,” Glyn said. “Thanks to Validus’ partnership with ST Engineering Marine, we are able to receive our funds in a quick and hassle-free manner.”
At Validus, the process is simple: vendors can send to Validus the invoices that they would like to finance. Once the invoices are verified, the funds will be disbursed to the vendors’ nominated accounts. This process should take less than 48 hours. When partner corporations like ST Engineering Marine make payment, the vendor will then receive the balance of the invoice amount less interest.
Responsive Customer Service
But it wasn’t just Validus’ invoice financing solution that impressed. The relationship management team demonstrated their commitment to providing fast and reliable customer service over the past four years. This meant that their funds were disbursed with minimal friction and that any issues were quickly resolved.
“We have a really good relationship with the Validus team and they have been supportive of our invoice financing needs. Overall, our experience has been very positive as the relationship managers have been quick to respond and fulfil our requirements. We hope to continue using Validus to meet our invoice financing needs,” said Glyn.