July 22, 2020
Scottish Pacific joins Xero app marketplace to help Australian SMEs boost their cash flow.
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.
Scottish Pacific is Australia and New Zealand’s largest non-bank SME lender, helping thousands of business owners with the working capital they need to succeed. ScotPac lends to small, medium and large businesses from start-ups to enterprises with revenues of more than $1 billion.
Xero provides a beautiful and easy-to-use cloud-based accounting software service for small businesses and their advisors around the world. Xero connects more than two million subscribers with an ecosystem of over 800 third-party apps and 200 plus connections to banks and financial service providers. The IDC MarketScape recognised Xero as a Leader in the Worldwide SaaS and Cloud-Enabled Small Business Finance and Accounting Applications 2020 Vendor Assessment. On the 2020 Financial Times High-Growth Companies Asia Pacific list, Xero was the largest company by revenue to come from New Zealand or Australia. Xero has also been included in the 2020 Bloomberg Gender-Equality Index and the FTSE4Good Australia 30 Index.
For more information contact:
Director, Cicero Communications
0414 661 616