1st Commercial Credit, which offers reverse factoring and supply chain financial solutions for B2B transactions, has launched a vendor procurement card that has a credit limit of $10m.
The new offering can be accessed by buyers based in the US as well as Canada, generating at least $3m in revenue on a monthly basis.
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The eligibility criteria for the new proposition are that the buyers have to be profitable and also credit insurable.
Having high trade history and current balances is also one of the parameters to get the new card.
No subordination from a bank is required, with all vendors/suppliers being eligible.
1st Commercial Credit president Raul Esqueda said: “Too many supply chain finance companies make this too complicated. We have made it a simple process to apply with a 2 page application for buyers to set up.
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By GlobalData“Once we set up the account, the buyer then provides us with the vendors and invoices they want to pay and we pay the suppliers. It’s that simple!”
At present, the service is open to all industries.
Buyers can begin using the money in 3 to 5 days, without the need for API or software integration.
The product removes the requirement for letters of credit.
