Our client decided to onboard their 400+ vendors onto the Clear Invoice Discounting platform, fully digitising their cash discounting process and strengthening their supply chain.
Our client is a multinational logistics/courier delivery services company, with a presence in over 10,000 locations in 21 countries, including the US, the UK, the UAE, Canada, China, and Australia, among others. The organisation offers India’s largest courier delivery services, operating the country’s biggest last-mile delivery service network.
The company had a plethora of challenges it had to overcome, including:
Sporadic early payment requests, which the organisation’s fleet drivers/delivery partners would put in, the vast majority of which were received over phone.
Offering financial flexibility to these third-party delivery partners: While interacting with Fleet Managers, it was observed that the fleet drivers faced a dearth of financial opportunities, perhaps due to macroeconomic disruptions.
Our client opted for the Early Payment program in order to ease their vendors’ liquidity problems.
Clear’s team of customer success managers onboarded more than 400 of the company’s vendors, consisting primarily of fleet drivers and other third-party delivery partners, to the Clear Invoice Discounting platform, at a breakneck speed, in September 2021.
In the first six months, more than 300 vendors onboarded on the platform submitted early payment requests via Clear Invoice Discounting. This accounted for more than 75% of the company’s vendor base.
More than 200 vendors started requesting early payment every month, with an average annual percentage rate (APR) of 19.64%- amongst the highest in our client base.
More than 5000 Invoices were discounted through the platform in the first six months, amounting to ₹72,64,48,058.
Our platform allowed the client to achieve savings to the tune of ₹ 57,70,304 in the first six months alone.