Man wearing PPE suit

The TRUE Impact of COVID-19 on Australian Businesses

Video Transcript

Look, no doubt there’s been a massive impact, we’ve all seen that and in addition to the human tragedy of those that have lost loved ones in the pandemic, the fallout on business from COVID-1 and the government-imposed restrictions has been widespread across the global economy, and particularly devastating to industries, such as retail, hospitality and travel. Furthermore, supplies to these industries have been detrimentally affected due to the cancellation of purchase orders, delayed payment of their invoices and and the worst case scenario, the liquidation of the customer. However, whilst devastating for some industries, others have actually thrived. Some business owners have seen a market opportunity and adapted to take advantage of that opportunity. Others, for example, were providing goods or services that have seen a massive increase in demand, such as manufacturers of PPE and hand sanitiser products to name a few. So with a severe impact on business cash flow caused by those restrictions and their knock-on effect, OptiPay’s been approached by many businesses during this isolation period needing cash. Now look, OptiPay’s not a lender off cash in terms of a traditional loan. We’ve talked about that previously, but OptiPay’s Fully Flexible Invoice Finance solution unlocks cash from selected unpaid invoices as a one-off transaction. With no lock-in contracts or establishment fees, a client can select one or more invoices for funding and once those invoices are paid by the debtor, the transaction is completed. So several clients used our Fully Flexible solution during this period to receive cash payments that they then used to purchase capital equipment in one case, another case pay suppliers and payroll so just working capital opex. In another case they paid an overseas supplier that had locked up their inventory, was not releasing because they hadn’t been paid so they made payment so they could release the goods and get them to Australia and complete the sale to their customer in Australia. So if you’re interested in learning more about how cash flow funding solution from OptiPay can assist your business, please visit our website Keep safe. Stay well. Thank you.

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