Vengroff Partners with GE Business Credit on Receivables Financing Solution

Collection industry powerhouse Vengroff Williams & Associates (VWA) announced Wednesday that it has partnered with GE Business Credit Services (BCS), the commercial unit of GE Money, to provide a solution for clients that wish to collect money immediately on their receivables.

Under the partnership, VWA clients will be able to fund invoices as they are generated by selling their receivables to VWA/GE. VWA will continue to service the accounts and collect on receivables.

“As interest rates rise, clients are asking for more and more creative ways to accelerate their cash flow,” said Mark Vengroff, Chief Executive Officer of Vengroff Williams & Associates. “By working with GE to offer this financing alternative as an outsourced service, our clients will not only be able to focus on their core competency, but will also gain access to the critical cash needed to fuel continued growth.”

“We are very excited to work with Vengroff Williams & Associates to provide financing solutions for their rapidly growing client base,” said Chris Little, Vice President and General Manager of GE Business Credit Services. “GE Business Credit Services has over 70 years industry expertise providing financing solutions for commercial trade receivables. VWA has a proven track record in commercial business process outsourcing, and our receivable funding can expand the product suite they may offer their clients.”

VWA anticipates that their clients will be able to collect on their receivables faster than ever before.

In a press release, VWA and GE stated that some of the benefits of the program may include:

• Same day funding upon invoice purchase enhances cash position
• Transactions that are transparent to key customers allowing the client to maintain key customer relationships while turning receivables into cash
• Up to 100% advance rates, immediate funding and accelerated cash flow for the client
• Flexible terms from 30-120 days, including unsecured credit to meet customers diverse needs
• GE assumes credit risk so clients are guaranteed payment
• Ability to sell single account or pool of accounts for complete control over receivables
• Electronic Data Interchange (EDI) used to transfer invoice/remit information daily completely automates process