“Earlytrade currently helps thousands of drinks businesses every day with their working capital,” said Guy Saxelby, CEO and co-founder. “We are proud to continue to support the drinks industry by becoming an Associate Member of the Drinks Association.”
Earlytrade is Australia’s largest early payment marketplace, with more than 40,000 businesses using the platform to request early payment from their customers.
It also provides specialised digital services to help companies manage their invoices and make their businesses more efficient.
The company has recently launched a new product called Earlytrade Verify, which helps its clients identify and verify small businesses in their supply chain so they can manage them effectively and comply with Business Council of Australia’s supplier payment code in a cost effective way. Read more here.
Coles recently selected Earlytrade Verify to launch its new Small Supplier Payment Program to ensure small suppliers to Coles Supermarkets, Express and Liquor stores can be paid within 30 days.
“Earlytrade makes it easy for suppliers to verify their small business status in minutes while providing a secure environment for the management of their sensitive financial information,” Saxelby said.
Earlytrade taps into drinks industry
Earlytrade has been working with the Australian drinks industry since 2017.
“We have over 10,000 drinks businesses actively using our platform, including clients such as Lion, Asahi and CUB.” Saxelby said.
“Earlytrade is used by more Australian companies supplying to the drinks industry – across packaging, labour hire, logistics, marketing and raw materials companies – than any other platform.”
Since joining the platform in 2017, Lion has seen more than a 125% increase in its suppliers being paid on terms of 30 days and shorter (from 42.06% to 94.63%).
“We recognise that improving cash flow is a common challenge for many of our suppliers, particularly small suppliers, that’s why we’re thrilled to be partnering with Earlytrade,” said Lion CFO Steph Nixon.
“This technology solution is a win/win for Lion and our suppliers and, together with our default 30 day payment terms, gives suppliers another option for early payment when it suits their business needs.“
For more information, contact Chief Commercial Officer Jamie Whiteway on Jamie@earlytrade.com
Pictured main (left to right): Jamie Whiteway, CCO; Guy Saxelby. CEO & co-founder; Piers Symons, CTO & co-founder.