Tuff Automation, Inc., a U.S based manufacturer of industrial machinery, recently opted to use PrimeRevenue's OpenSCi(TM) Supply Chain Finance (SCF) solution to speed payments and optimize working capital.
The OpenSCi(TM) SCF solution that has been adopted by over 9,000 companies worldwide, offers a web-based portal for online invoice visibility and to accelerate customer payment. The OpenSCi(TM) platform allows users to view customer-approved invoices online and to track receivables and payments. Additionally, companies have the option to receive early payment on these invoices ahead of the maturity date.
"We decided to become a PrimeRevenue customer to offset the impact of an unfavorable payment term," said Gretchen Richmond, Accountant, Tuff Automation, Inc. "Though we explored various alternatives, they were quite expensive. Today, with PrimeRevenue's SCF solution, we are able to select invoices for early payment based on our preference and at a fairly low cost. Overall, our company has derived many benefits as a result of using SCF."
"As a PrimeRevenue customer, Tuff Automation has become part of a community of thousands of suppliers utilizing the OpenSCi(TM) SCF solution for reducing DSO (days sales outstanding), improving cash flow and optimizing working capital," said Matt Doorley, vice president and general manager for the Americas region, PrimeRevenue. "In the current times when liquidity is constrained, companies around the world have been relying on SCF as an instrument to increase available cash without adding any debt to their balance sheet. And at PrimeRevenue, our efforts have been focused towards providing the most transparent SCF solution that helps such companies in achieving their cash flow objectives."
About Tuff Automation, Inc.
Established in 1992, Tuff Automation, Inc. is based in Grand Rapids, Michigan. The company specializes in the manufacturing of automated material handling equipment & controls, including conveyors, transfers, lifts, pushers, rotators & robot feed cells, turn-key material handling solutions & controlled atmosphere equipment. For more information, visit http://www.tuffautomation.com.
About PrimeRevenue, Inc.
For Global 2000 organizations who view their supply chains as a strategic asset and are seeking to increase supply chain efficiency and optimize working capital, PrimeRevenue is the leading provider of multi-bank Supply Chain Finance (SCF) technology and services. The PrimeRevenue OpenSCi(TM) SCF platform and working capital advisory services provide these organizations with the control and flexibility required to drive superior working capital results, reducing cost and capital risk throughout their supply chains and forging stronger supplier relationships. Headquartered in Atlanta, Georgia, USA, PrimeRevenue also has offices in London, Paris, Frankfurt, and Prague in Europe, as well as in Melbourne, Australia, and Hong Kong SAR, and operates some of the largest SCF programs for customers around the globe. For more information, visit http://www.primerevenue.com
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