Datacor is pleased to announce that its customers can now easily access working capital through a new lending solution called FundNow, an innovative tool seamlessly integrated within their Enterprise Resource Planning (ERP) dashboards.

Through an exciting partnership with finance platform, Lendica, users of Datacor’s market-leading software can extend their payment terms and improve their cash flow by borrowing against future invoice payments – otherwise known as invoice factoring or invoice financing.

FundNow is a powerful cash flow management tool that allows businesses to get an instant advance on invoices that are due within the next 90 days. Built directly into Datacor’s payments workflow, it provides users with immediate and more affordable access to critical working capital to help their business expand and grow.

There’s no need to switch between platforms or log in to different systems. If you need to fund an invoice, simply click the FundNow button and the money goes directly into your account. This can then be paid back when the invoice is due.

“The way Datacor has implemented FundNow, one of our core products, is really quite unique,” says Jared Shulman, Lendica’s Founder and CEO. “Datacor has embedded it into their software in a really easy-to-use way and made it available to all its customers. This is an innovative solution that doesn't otherwise exist in ERPs and the process manufacturing space.”

No matter the size or scale of your business, carefully managing your cash conversion cycle is critical, he adds. Given the current economic conditions, getting prompt payment from customers is absolutely essential for paying your vendors and bills. If you’re paid too slowly and have to pay out too quickly, it's bad for cash flow. However, if you're able to get paid earlier on an invoice, it can boost your cash balance by 20% over the year, which means more money for large inventory purchases or expansion.

FundNow is the ideal solution for established businesses with annual revenues of $10m-$50m, and typical net seller terms of more than 30 days. It is available for all Datacor ERP VB users, with rates starting at just 1.09% per month for up to $2.5m of credit. Even better? There are no set up fees or costs to see how much finance you qualify for, and it won’t affect your credit score.

Applying is easy and can be done in just a few button clicks. Lendica uses an AI-driven credit model that makes an instant eligibility assessment based on traditional underwriting through a company’s accounting and bank record, as well as its history as a Datacor customer.

“There are many companies able to offer financial services but through our partnership with Datacor, we’re offering a solution with a data-driven approach that allows us to approve lower rates,” adds Shulman.

Oftentimes, bad actors adversely affect lending terms; the impact of bad credit or fraudulent activity often being passed on to everyone and pushing up costs. Shulman says Lendica’s data-driven approach limits the impact of those bad actors, which lowers the rates for everyone.

Datacor and Lendica use industry best practice levels of security, so you can also rest assured that your data is always safe and protected.

“Ours is a secure and trusted data connection that makes this solution fast and affordable for Datacor users,” says Shulman. “When someone applies for a FundNow loan, Lendica securely gets enough anonymized data to make an instant decision and feel good about the credit quality – which drives down the rates for our customers.”

Borrowing is getting much harder nowadays and it’s far more expensive than it was even a couple of years ago. With Datacor’s new lending solution, rates are offered that wouldn’t otherwise be available, he says.

“Businesses are getting crowded out of the private credit markets and it's becoming increasingly difficult for them to get access to even standard products like invoice financing,” says Shulman. “A lot of banks are pulling back or completely stepping out on facilities they’d once promised. FundNow is therefore a great opportunity for Datacor customers and comes at a really great time.”

If you’re interested in finding out more about FundNow and how this unique lending solution can improve your cash flow, reach out to our payments team today at payments@datacor.com.