Boost efficiency and cash flow across your franchise group with these innovative solutions
From head office, you will be working with franchisees across varying stages of maturity. Some owners may have a long history of owning and operating a business, while others may be starting out with their first venture. Whatever stage of maturity the business owners within your franchise group are in, having access to flexible payment options while you still get paid on time is a game-changer for keeping cash flow strong and consistent across the group.
In this article, we outline the benefits of using one connected digital solution that can help deliver increased efficiency and better cash flow management across your franchise network.
One connected solution to resolve many problems
Within your franchise head office, you will no doubt be using multiple, and likely, outdated systems that still require manual processes. Along with that, chasing late payments and facing regular cash flow issues might seem commonplace in your business – but it is likely hindering your business performance.
Addressing these challenges can be achieved through one connected solution which offers business owners in your network more ways to pay, delivers better access to on-demand finance options, and offers the right tools to create efficiencies and reduce errors.
For example, a buy now, pay later (BNPL) group payments agreement facilitated by a third party such as Spenda, will give your franchisees access to a smart integrated payments and invoicing platform, which enables business owners to be in control of how and when they pay their invoices, including options to take advantage of extended payment terms as required.
Seamlessly manage your invoices, payments and cash flow
By using Spenda, you’ll have access to digital tools that better manage your cash flow, eliminate data-entry errors and save you time on repetitive administrative tasks. And, your entire franchise group can benefit from one connected digital platform that enables your franchisees to:
- View all outstanding invoices, so they always know exactly what they owe – and head office knows when to expect payments to clear
- Group and batch pay any outstanding amounts directly to your accounts, preventing any chance of making errors
- Save and pay with their preferred method, including electronic funds transfer (EFT), credit card (even if you don’t accept credit card payments) or group financing such as a BNPL agreement.
If you’re looking to access the functionality listed above and create further efficiencies across the entire group, you can also recommend for your franchisees to add other tools from Spenda’s suite such as our point of sale, inventory and warehouse management solutions, to name a few. Integration between these solutions and existing accounting and ERP software will also help you to ensure all data across your business is correctly updated in real time.
Access on-demand non-bank finance solutions
Our on-demand business finance solutions allow business owners to access working capital that will help to strengthen their cash flow and fund the investments they need to grow. Created through point-of-activity lending options, your business – whether that is at head office level or through a group payments agreement – can access finance every time it makes a purchase, sends or receives an invoice, before a payment is due or when a payment is due.
Options such as BNPL and paying via credit card, for example, effectively extends credit terms by up to an additional 60 days (depending on a credit card’s interest-free period) or for the length of time between the first and last BNPL instalments on an invoice.
Improve cash flow and help your franchise network grow
Spenda’s integrated technology makes it easier for your franchisees to access the cash flow and capital that can help you grow faster.
If you’re looking to provide more payment options in your business, but you’re not sure where to start, download our guide on how to boost cash flow for your business. You’ll learn how to future proof your business with digital tools and integrated payments that boost your cash flow and provide a great experience for your customers.
Click here to download your free guide.
*This article is for general information purposes only. Consult a qualified financial advisor regarding any changes to or decisions about your business’s finances.