- 5 September 2022
- Invoice Financing | Invoice Financing Singapore | Invoice Financing for Small Businesses | SMEs | Accounts Receivable Financing
How Brickston Transport Services Leveraged Invoice Financing for Enhanced Cash Flow
Founded in 1988, Brickston Transport Services is one of the largest private bus companies in Singapore. With a fleet of over 60 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 a pre-approved invoice financing loan of up to $500,000 in cash instantly with no collateral requirements, at preferential interest rates. The firm started using this invoice based financing product in 2018 and has been using it to bridge cash flow in the four years since then.
Fast and Seamless Process for Invoice Financing
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 for invoice financing 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.
How Validus Supports SMEs to Bridge Cash Flow Gaps with Invoice Financing
Extended credit terms and delayed payments are just some of the challenges faced by small business owners. As a pioneer in invoice financing solutions since 2015, we have the expertise and established partnerships with large corporates like Keppel, SMRT, and more, to help SMEs in the supply chains of these large enterprises to access funds easily and quickly. With invoice financing, SMEs can ease cashflow bottlenecks by converting yet-to-be-paid invoices into valuable funds for re-investing in the business right away.
At Validus, we’re dedicated to supporting SMEs with faster and simpler financing solutions. From faster working capital loans, to free business account and corporate debit cards with unlimited 1% cashback, we enable small businesses to save time and effort, and multiply cost savings. Whether you’re looking to improve cash flow, fund business expansion, or simply cover operational expenses, Validus is your strategic growth financing partner for all your SME financing needs.