C2FO’s CashFlow+ card to speed up bill payment
FinTech C2FO on Tuesday (June 14) launched the C2FO CashFlow+ card, allowing businesses to accelerate the payment of their invoices without the traditional discount for early payments, according to the company’s press release.
CashFlow+ card customers can select which bills they want to pay early, then have the full balance of each approved bill transferred to their cards, which can be used anywhere Visa cards are accepted, the press release says. .
The CashFlow+ card “significantly reduces the number of days it takes for a business to get paid on an invoice,” according to the press release. It offers 1% cashback on all purchases with no load fees or maintenance fees, which means businesses will be rewarded for their daily purchases and investments.
According to the Federal Reserve Banks Small Business Credit Survey 2022 Report of Business Employers, “Application rates for traditional financing were lower in 2021 than in recent years, and those who applied were less likely to to receive the funding they were looking for”.
“Our work has always been focused on getting faster, more profitable working capital for businesses to help them thrive,” said Karan Sarin, senior vice president and general manager of card products. at C2FO, in the company’s press release.
“Given the impact that stubbornly high costs are having on margins, we believe our CashFlow+ card is timely and will be particularly effective for businesses where fast cash management is essential. Ultimately, we want companies not to choose between paying their bills and growing in the market,” he said.
Related: Albertsons, C2FO team on Diversified Vendor Payment Program
Last June, Albertsons announced it would work with C2FO to enable various suppliers to access prepayments, making the grocery chain part of a new group of retailers tackling diversity through better processes.
Supply Chain Dive says supplier diversity is something retailers and grocers are focusing on, with Midwest grocery chain Mejier hosting a virtual summit with various suppliers in the spring, and Target pledging to buy more $2 billion from black-owned vendors over the next four years. C2FO’s deal with Albertston’s is similar to deals the company struck with Walmart and Sam’s Club in May 2021.