Scottish Pacific joins Xero app marketplace
Australia’s largest non-bank lender to SMEs, Scottish Pacific, has today announced a new integration on the Xero app marketplace, designed to improve small business’ access to funding.
The app, ScotPac Cash Connector, will help businesses unlock cash flow and access money tied up in unpaid invoices by connecting directly with the Xero platform.
SMEs can use the funds unlocked to invest in growth, pay staff and pay suppliers without having to wait for slow-paying clients to pay their invoices.
Scottish Pacific’s chief customer officer, Ben Cutler, said the app will allow Scottish Pacific to provide better working capital solutions to Xero customers.
“We’d encourage accountants to talk to their SME clients about Cash Connector. In the short term, given difficult market conditions, this is a great way for businesses to access working capital to support recovery from the downturn. In the longer term, Cash Connector can be used to unlock cash flow to help businesses grow,” Mr Cutler said.
Mr Cutler said Cash Connector operates like an overdraft, where the business can access funds as they need them.
It removes the pain points for small businesses – there are no minimum spend requirements, no minimum commitments, no lock in contracts and the business only pays for the funds they use. It’s flexible, and if the business only wants to have certain customers’ invoices connected to access funding, they are able to pick and choose.
“Once connected it’s set and forget, and the business just uses their accounting software package as usual. No property security is required, and funding is in the small business’ hands very quickly, usually within 24 hours,” Mr Cutler said.
Broadening SMEs’ access to funding is an important issue for Scottish Pacific, and they have joined with the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) to create an independent, free downloadable Business Funding Guide for SMEs and a more detailed version for SMEs’ accountants and advisers to help small businesses understand the range of funding options and which options suit their circumstances.
