C2FO, the largest global platform for working capital, today announced the launch of the C2FO CashFlow+™ Card, a new and innovative option that enables businesses to accelerate invoice payment without the discount typically required in exchange for early payment.
The CashFlow+ Card puts critical working capital straight into the wallets of business owners, empowering them to put cash to work for their business faster than ever. As with the C2FO early payment platform, customers can select invoices they want paid early. The full balance of each approved invoice is then transferred to the CashFlow+ Card, which can be used anywhere Visa cards are accepted.
Similar to C2FO early payment — which can cut payment time from 30, 60 or 90 days to two to three days — the CashFlow+ Card significantly reduces the number of days it takes for a business to be paid on an invoice.
In addition, the card features 1% cash back on all purchases with no load or maintenance fees. This enables businesses to get rewarded for the everyday purchases and investments they make to help their business thrive.
Early payments are essential for many businesses to improve their cash flow. This is especially true for small businesses, which find it increasingly difficult to finance business needs as inflation pressures tighten, interest rates rise, and pandemic-related loans and programs close. According to the Federal Reserve Banks' Small Business Credit Survey 2022 Report on Employer Firms, "Application rates for traditional financing were lower in 2021 than in recent years, and those that did apply were less likely to receive the financing they sought." The CashFlow+ Card is the latest addition to a diverse C2FO product suite aimed squarely at improving access to working capital for all businesses.
"Our work has always centered on getting businesses working capital faster and more cost-effectively to help them thrive. Given the impact that stubbornly high costs are having on margins, we believe that our CashFlow+ Card is well-timed and will be especially impactful for businesses for which timely cash management is critical," said Karan Sarin, senior vice president and GM of Card Products at C2FO. "At the end of the day, we want businesses not to choose between paying their bills versus growing in the marketplace."
The CashFlow+ Card solves businesses' daily cash flow challenges. In particular, the CashFlow+ Card aims to help businesses that find it more difficult to secure traditional forms of financing and may resort to factoring, personal guarantees or other high-cost financing methods. Instead, accelerated payments on invoices help reduce the need for credit to bridge capital gaps. Early payment is especially important for small and mid-sized businesses, as well as women- and minority-owned businesses that have historically faced systemic challenges in securing loans or lines of credit from traditional financial institutions.
The CashFlow+ Card is issued by Sutton Bank pursuant to license by Visa Inc. Visa is a registered trademark of Visa, U.S.A. Inc. With the CashFlow+ Card, businesses have global access to their funds, are able to track spending and can protect themselves from fraud. The card can also be used to make purchases through Apple Pay, Samsung Pay or Android Pay.