Businesses have been hit hard by the COVID-19 pandemic. Taking steps to improve your cashflow and to reduce expenses will help you stay afloat and minimize the pandemic’s impact on your business. While the federal government programs will help small businesses to continue to operate in these unprecedented times, all businesses, regardless of size, should reconsider the credit options available to them.
There may be sources of capital you hadn’t previously considered to give you flexibility and improve your cashflow. You can look at different ways to use your existing credit facilities, expand current lines of credit or secure new sources of credit.
There are options at Pitney Bowes. If you’re not already utilizing credit from The Pitney Bowes Bank, it’s an important time to consider submitting an application. For instance, if you are currently a Presort client pre-paying for postage or are paying the USPS directly for permit postage, you may be not be optimizing your cashflow. Similarly, if you are a meter customer paying for postage using your credit card, you may want to preserve this credit for other critical business expenses. The Pitney Bowes Bank may be able to help you expand your sources of credit in this very critical time.
Shipping and logistics are also vital to keep your business moving, fulfilling orders and staying connected with your customers and now even your employees. These costs are often a significant portion of your business operations… and are most likely increasing. Further, each carrier you use offers different terms and payment cycles. Consider our dedicated logistics credit line that consolidates spending for all your carriers into one bill, with one set of extended terms, and one payment. This serves to lengthen your payment cycles and free up credit.
If you have an existing credit line with the Pitney Bowes Bank, think about whether you’re using it to its full potential. Did you know you could also use this credit line to pay for Presort Services, meter rentals, postage and shipping supplies and even permit mail? Are you aware and taking advantage of the ability to revolve? You could also consider refinancing equipment to generate lower rates, reduce monthly payment obligations, secure better terms and infuse more cash back into the business. Our equipment financing business, Wheeler Financial, may have even already preapproved you for financing.
Please remember, there are options available to you. It’s important to explore discussions with partners such as Pitney Bowes. You need providers that can complement your banking relationships and expand your sources of capital so that you don’t exhaust other forms of credit critical to run your business. A good partner will help you identify the right solutions to help your business stay strong during this challenging time.
Learn more about The Pitney Bowes Bank here.