Shift, a leading provider of credit and payment products to Australian businesses, today announced the addition of an asset import feature to its Equipment Line product.
With this new feature, brokers can help businesses streamline the process of funding and importing overseas goods and services – simplifying what is traditionally a slow and complex finance process.
Tested and refined based on broker feedback, key benefits include:
- The ability to finance the asset and all costs associated with the import
- A digital experience, with minimal documentation and checks required
- No repayments for the first 120 days while waiting for assets to arrive, followed by a 5-year repayment term
- Access to funds for purchases from over 50 countries, with competitive exchange rates
During the pilot period, brokers helped businesses purchase goods from a range of countries and sectors, commented Andrew Wagg, Head of Broker Sales, Shift.
“Already, we’ve seen brokers initiate purchases from Europe, Asia and Northern America, spanning sectors including construction, manufacturing and food services to name a few, showing its broad relevance,” said Andrew.
“Part of the appeal is that our digital approach cuts through cumbersome processes and administration that can be typically associated with financing overseas purchases, which brokers tell us time and time again are pain points for them and their clients.”
Nathan Irving, Commercial Finance Broker, Halidon Hill Finance was a part of the broker pilot group. According to Nathan, the asset import feature gives brokers a powerful new tool to unlock more opportunities for their clients.
“Accessing capital for overseas purchases can be difficult to put it mildly, complete with approval times that no one needs,” said Nathan.
“Much like other purchases, often our clients need not only access to capital swiftly, but a process that doesn’t add heavy administration to their workload.
“Using Shift’s Asset Import feature was straightforward and it brings something unique to the market. We were able to initiate the purchase for our client, funds were easy to access, and minimal effort was required from the client.”
Shift’s new feature can be used for purchases from $2,000 upwards with all currency exchange handled by Shift’s foreign exchange partner, OFX.
