Our client provides international shipping container transport services from their Sydney and Melbourne bases. Their fleet of trucks is diverse, with capability extending to refrigeration, side loaders, skels and B-doubles.
The company is very much forward-thinking and it has adopted several key technology platforms such as fleet monitoring systems, smart freight management systems and other technology that helps them operationally. Six months ago, they applied the same forward-thinking approach towards their cash flow finance facility, moving from a bank to a modern invoice finance product, that would integrate seamlessly with their existing cloud-based accounting platform. This switch provided easy access to a line of credit which now funds their operational expenses and growth.
Some of the benefits that have been realised to date include:
- Huge time-saving due to automation
- Less stress with ready access to funds
- More transparency via their dashboard
- Competitive rates over ‘traditional’ lenders
Prior to connecting to Waddle, the transport company was with another finance provider that was using ‘traditional’ financing.
"The administration alone was a huge drain on our resources. All the requirements needed to prove that we were doing business was frankly ridiculous and it wasted a lot of time. I could spend a couple hours every other day just on managing the bank facility.” Aside from the time-wasting aspect of their old finance facility, they were never satisfied with the lack of transparency, which added stress as they felt they had little control. They were looking for a better solution that was more in line with their needs, not the other way around.
“There’s a lot of competition in transport, so we need to be efficient in everything we do, and that extends to how we manage our cash flow. We needed real-time visibility into our finances, so we looked towards Waddle for help.”
How Waddle Helped
The transport company was immediately sold on Waddle's invoice finance product and the features it could offer them. The transition process was quite simple.
“Waddle is fantastic for integrating with XERO accounting platform.”
The transport company linked to Waddle online and within a few mouse-clicks it received an indicative offer. The technology and automation remove the time-consuming aspects, making the transition easy and very fast.
It’s been 6 months since the growing transport company first connected with Waddle, and the facility size has since scaled with their growing business, relieving stress as they now have funds up front to pay their operational expenses.
“Waddle is saving us so much time and there’s never an issue. It’s so much better for reconciling as well. Previously, we had a lump sum come in from the bank and we had to figure out which customer paid for what. It was quite a messy process.”
To find out how Waddle can help your business, click below for an obligation free quote.