When you’re a public company, you’re primarily concerned with satisfying shareholders. Your efforts to brand the corporation and to generate revenue are all geared to make stakeholders happy; however, many c-suite managers fail to see the bigger picture. In order to propagate the supply-chain community, public companies require as much of a focus on their vendors as they do on shareholders.
Let’s look at retail giant, Sears, for example. Their vendors are falling through the cracks because of Sears’ preference towards shareholders. The Wall Street Journal indicates that the department store has paid its suppliers in almost 40 days—a long time for small businesses that require cashflow to keep themselves alive in the marketplace.
Situations like this are all too common, as delayed payments create distressed vendors and decreased growth.
But voila… Paygevity. Paygevity embraces the challenges of lengthy supply chain payments by remitting its own funds to these struggling vendors. Paygevity’s FinTech, the PromptPay™ Platform, provides cash to vendors in as little as ten days and happily waits for reimbursement from the large corporations in as many as 120 days.
Due to financial and technological innovation, PromptPay™ puts the “work” back into “working capital.”