Money AU
September 17, 2008
Octet has released Australia's first business-to-business credit
card, it has been claimed.
The credit card will provide both unsecured and accelerated
working capital finance for small and medium enterprises (SMEs),
wideformatonline.com has reported.
It is claimed that the card will help the companies operate
smoother purchasing and sales cycles.
Clive Isenberg, managing director of the company behind the
credit card, said that the past year has been difficult for SMEs with
the economic climate making "credit scarce".
Mr Isenberg stated that the idea behind the card was to create a
unique financing solution for SMEs that are "trying to grow in this
environment".
"They can manage their finances more effectively by collecting
funds owed quickly and by building better relationships with their
suppliers through consistent payments", he added.
Octet's managing director told the website that the trading card
will attempt to remove the pressure from managing working capital.
The uniqueness of the card lies in the fact that it allows SMEs
to both "rapidly collect money" that is owed to them while providing
them more time to pay their own suppliers.
Mr Isenberg stated the company's new plastic offering will "allow
small businesses in this country to reduce their working capital cycle,
which is often the fault line for many growing businesses, especially
in their establishment phase.”
Octet is an independent company and is not associated with a
major bank.