BizPay of VPBank: No more headache with liabilities management

09:51 | 07/05/2019
Slated for official roll-out right this month, BizPay, with its multiple advantages and automation attributes, promises to entail breakthroughs in liabilities management as well as tackling businesses’ short-term capital demands.
bizpay of vpbank no more headache with liabilities management
With multiple advantages, BizPay of VPBank promises to become a breakthrough solution to tackle businesses' liabilities management and capital demands

Chain-based business models are gaining ever-growing traction in the Vietnamese market, helping to shape up linkable and sustainable business ecosystems. Liabilities and capital sources management, however, has always been a thorny issue to businesses in supply chain development. Soon-to be-launched BizPay solution of leading private lender VPBank promises to create breakthroughs to tackle the conundrum.

Chain-based businesses face mounting hardships

During its vigorous economic development, the market has witnessed the onslaught of new business models. Significantly, chain-based business formats have seen booming development, especially in the realms of retail and food and beverage.

The market, however, also saw not a few brands that have silently left the game or retrenched their scope of operation. Industry experts ascribe many failures of chain-based business models to difficulties in operation management and financial distress.

H.A., the director of an animal feed company which manages a network of about 30 agents at different levels, unveiled that besides staff and quality control, his company is struggling with the management of its liabilities due to differences in the payment terms of agents.

“I have assigned a separate staff to take charge of managing our liabilities and contactshop managers to pay off their debts on time. Besides, I have three accountants comparing liability figures and ensuring data synchronisation across the whole company system,” he said.

He also shared that apart from complex liabilities management, his company often incurs financial distressas their agents often owe money to the company due to the characteristics of the animal feed business.

“From effectively-running agents, we receive payment about 20 days after the company issues the red invoice on product sales. In some cases, we have received payment after more than two months, which lead to our company temporarily falling into financial distress,” said H.A.

Not only business executives, but also agent owners have encountered financial hardships. The owner of an agent working for H.A.’s company shared that to avoid being a persistent debtor which undermines the agent’s prestige in the eyes of the company, his agent once had taken “hot” loans with high interest rates to ensure timely payment.

The market is now in a bad need for a payment solution that could help tackle capital shortages and liabilities management for sellers while simultaneously supporting money streams for buyers.

BizPay – Smart payment solution for effective business

Well-aware of this demand of businesses, particularly small ones in the supply chain, VPBank, one of leading lenders in the country, has recently announced its fresh tool: BizPay, a breakthrough payment solution that is useful to both buyers and sellers.

With BizPay, sellers and buyers will have no need to concern over payment deadlines because the sellers will receive payment after 48 hours of issuing the red invoice, while buyers will have support from VPBank with interest rate exemption up to 55 days.

BizPay is also compatible with contemporary state-of-the-art enterprise management software, helping to save time and ensure data synchronisation in financial and liabilities management.

Buyers and sellers, therefore, might avail themselves of the bank’s capital sources to generate optimal profit margins.

In addition, BizPay is compatible with contemporary state-of-the art enterprise management software programmes, helping to save time and ensure data synchronisation in financial and liabilities management.

Particularly, BizPay will help businesses to schedule their receivables and payables, automatically deliver notices about payment deadlines based on real-time and establish flexible modes of payment.

With user-friendly and easy-to-use interface and functions, coupled with modern design, company staff may use BizPay anywhere and anytime, with an around-the-clock (24/7) support hotline. Companies could miminise their expenses for accountant teams by using BizPay.

BizPay, with its multiple advantages and automation attributes, promises to entail breakthroughs in liabilities management and the tackling of businesses’ short-term capital demands. VPBank’s BizPay solution is expected to be officially rolled out right this May.

By Thuy Lien

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