Businesses know “cash is king” and Singaporean-owned startup, Pilon, believes that “cash flow is queen” and just as important for businesses. In a time when firms find solutions to streamline their supply chains, Pilon Co-founder and CEO Eddie Lee’s company thought of offering a platform that optimises cash flow for both suppliers and buyers.
Through their app, Pilon Plus, suppliers now get an overview of their invoices on the mobile dashboard and no longer need to call their buyers’ finance team to enquire about their payment.
The summary of total due payments in the next 30, 60, or 90 days are intuitively shown and the supplier can choose which invoice they want to get paid earlier or to get paid immediately.
When requested by the suppliers, Pilon facilitates the early payments to them while the buyers pay Pilon on the invoice due date. This will eliminate the need for the supplier to chase for payment from the buyer and free up the finance team from the buyer on enquiries calls. This in return improves efficiency on both sides of the operations. Lee also revealed that they earn by getting a small percentage fee of the invoice value whenever a supplier requests early repayment.
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