This article was published in Urban Kenyans
So, check this out. How I used invoice discounting to save my business.
Do you ever ask what you can do when operating a tendering business, with clients as tough headed as mine? What happens when you have been awarded a tender, when you have not even gotten payments for at least two, to three tenders in the past?
I always operated my business on the verge of collapse but fortunately, before banging my head on the wall, I figured it out.
How it all Started
It is invoice discounting of course, but before we dive in let me tell you what happened. It was in the month of July last year and I had been awarded a tender to supply cereals at a local primary school in Kisii. I had literally no money and schools were opening in a weeks’ time. After much consultation, I decided to give up and surrender the opportunity to the next lowest bidder.
Actually, while going back to the school, I did not have the courage to let it out to the awardee team. I figured out about how I could inform the Headteacher, but I even felt more embarrassed. I decided to send one of our employees in our company one sad afternoon.
On returning, he did not surrender the tender of course but had come back with a suggestion. The teacher introduced him to the benefit of invoice factoring and invoice discounting, I felt rejuvenated and went to the bank to learn more about it. After a little hustle and filling some endless forms, opening accounts and more, we were able to strike a deal and secure some little funds, and in point of fact, I kept going.
Out of the Frying pan into the Fire
After about 2 weeks, I went to check our balances. To my dismay, I was remaining with 2 more weeks for the bank to return me the unhonoured invoices. I was devastated. I did not imagine what state I would be in. No working capital, being in debt and required to supply a tender, would be a problem I could not bear. Here is where it all came to me that I had to figure a partner to help me supply tenders and keep up with the late payment for goods delivered.
I came back to my office. I sat all day with fear and worry haunting me. Before getting out of office, I had this idea of searching on the internet and see whether I could get help. I could not imagine what could happen in case I failed. With the little strength, I had remained with. I decided to check out. I found this website momentumcredit.co.ke but I could not understand well what it was all about since I was very tired and devastated that day.
Momentum Credit, New Hopes
The next day I came to my office with some new hopes and sure enough, I had found my saving grace. I opened their services and instantly saw hope. With only up to 15% interest charged on invoices, I could cash out almost any invoices in less than 24 Hours. They also gave a period of up to 3 months for invoices and did not require me to fill out endless forms and wait for feedback for a long time.
As a matter of fact, I even went ahead and applied for other tenders that I was always afraid I would not manage supply. I found this comfortable and enjoyable too. I could now tender in a comfortable and a fearless way. This is how I saved my collapsing business.
Well, this was my story, it is now up to you. Are you always out of money and need some to boost on your working capital? Try momentum credit, and you will not regret it. This is because they are fast, secure and have not hidden fee. They also provide other services to help provide solutions for Small and Medium Sized businesses SMEs such as invoice factoring, Logbook loans and Advance payment guarantees. To get your invoice discounting started today, visit their invoice discounting page and begin the process. It is easy, does not take much time and very simple.