Clear Invoice Discounting proved to be a financial lifeline for the suppliers of this leading healthcare client, giving them easy access to funds during the COVID-19 pandemic, the biggest disruption in recent times.
Our client is an internationally recognised diagnostics and other healthcare testing service provider. Being the market leader in the affordable, quality healthcare diagnostics space, they are perhaps the most trusted healthcare service provider in the country. During the Covid-19 pandemic, our client went out of their way to be extremely supportive and sensitive towards their vendor ecosystem.
With interest rates falling in the market, the company was facing diminishing returns on surplus funds.
A very small percentage of their vendors were participating in traditional modes of discounting invoices. This cumbersome arrangement was largely done over e-mails and phone calls.
Our client was keenly looking for a digital platform, where the vendors could log in and discount their invoices easily.
Clear Invoice Discounting is a digital, technology-enabled platform that integrates with the client’s ERP, providing unprecedented visibility to vendors across the country.
All early payment requests submitted by vendors and accepted by the client are updated in the ERP automatically, reflecting the discount earned and the new early payment date mutually agreed upon by the parties.
Regardless of the credit period, Clearfin now provides the supplier with an option to receive early payment on Invoices to manage working capital efficiently
Tracking of invoices on Clearfin platform helps the supplier make future strategies based on amounts expected with due dates as approved with its respective Buyers.
Our client was now able to achieve additional cash discounts from a much wider vendor base. This led to a marked decrease in raw material costs, leading to an increased operating profit.
Their vendors found a financial lifeline in the platform ,which gave them easy access to much-needed funds, during the biggest disruption in recent times: the COVID-19 pandemic.
By leveraging the Clear technology platform, our client and their vendors were able to strengthen their relationships during this unfortunate time, thereby further improving efficiencies in the supply chain.