24 Apr Santander – Pay4 Partnership is announced
We are delighted to announce that Pay4 has signed an agreement with Santander UK – www.santandercb.co.uk which allows Santander UK Relationship Directors to introduce the Pay4 product to its business customers.
Santander has a history of partnering with independent 3rd parties to offer their customers products and services that they do not provide themselves. In the case of Pay4; Santander is now able to offer greater flexibility in the provision of working capital solutions to its customers by offering the Pay4 simple to access and easy to use supplier payments product.
Commenting on the Santander-Pay4 partnership, Rob Keown-Boyd (CEO Pay4) said;
“This is a great moment for Pay4, and a very positive reflection of our product”.
The casual observer might question why a Bank is partnering with a 3rd party to provide a working capital solution to its customers. Pay4’s funding solution compliments Santander’s existing suite of working capital solutions by providing an alternative solution where an unsecured facility is more appropriate to the client’s requirements. Because of the insured nature of Pay4, we do not take security from the business. Pay4 can therefore sit alongside existing finance facilities without disrupting the customers relationship with its Bank.
This enables the customer to access more working capital, which can be used in a number of ways; for example:
- To obtain discounts by paying suppliers early;
- Helping to bridge a funding gap between paying suppliers and receiving funds from customers
- Giving the customer the confidence to quote for bigger contracts with the knowledge that they have the working capital availability to help fund the contracts if they are successful
This coupled with no set up or non-utilisation fees, and our use it when you want, pay for it when you use it pricing model, can make Pay4 a very cost effective source of additional finance. So it is a genuine win for the business customer; Santander as it is providing an enhanced service; and Pay4 so we continue to expand.
It is anticipated that Pay4 will be available for established, creditworthy businesses across the Santander UK Corporate and Commercial network from 1st May 2015. Pay4 are looking forward to the Santander-Pay4 partnership with great anticipation.
Who can Pay4 support?
- ■ UK Limited companies and PLCs
- ■ Any industry sector with UK or international suppliers
- ■ Turnover of £2.5m + per annum
- ■ Trading for 3+ years
- ■ Profitable organisations with a capital base of over £200k
- ■ Minimum payments to suppliers of £5K which can be made a single invoice or as multiple invoices
The Santander-Pay4 partnership outline and product profile can be found on the Santander web site.