Butn’s Salesforce integration helps speed-up business financing
A new data integration partnership with Salesforce will allow Australian fintech Butn to fund near-instantaneous supply chain and invoice financing transactions using customer data.
Butn, a business finance platform founded by entrepreneurs Rael Ross and Walter Rapoport, allows third-party platforms to offer a range of financial products including receivables finance, supply chain finance and business loans from within their existing ecosystem. For businesses, it is similar to the buy-now-pay-later services offered by retailers to consumers.
The company’s new suite of financing products including ButnX, ButnPay, ButnNow and ButnPlus can integrate with Salesforce to provide financing for businesses in less than five minutes, instead of a turnaround of days or weeks for traditional business lending. Customers can also purchase goods and services online immediately, paying for them over time using easy payment plans.
Working with Salesforce Service Cloud and Community Cloud, Butn can not only quickly process financing applications, it can also ensure compliance and make immediate decisions about the creditworthiness of its business customers. This delivers improved ease of use, significantly reduced time in accessing credit and more informed lending decisions based on a wider range of data points than traditional lenders. The new financing suite of products launches after nearly eighteen months of design and eight months of development and testing. “The company has already attracted a pool of 100,000 potential End Users from around Australia, as well as almost a dozen B2B aggregators and digital marketplaces,” Mr Ross said.
“Unlike other lending arrangements, Butn does not rely solely on the provision of external credit reporting information for payment decisions. Instead, factors such as length and quality of relationship with suppliers and aggregators, past payment behaviours and other factors are used to approve access to funds,” Mr Ross commented.
According to industry data, companies in Australia were now waiting an average of 44 days for payment of services – up from 14 days in 2019. This can have significant impact on a business’ ability to manage cashflow or, in the most dramatic instances, remain solvent.
Mr Rapoport said the launch of the product came at an important time for many businesses.
“In the current climate it can be extremely challenging for businesses to access lines of credit and when they do it can take a long time. Many businesses have found their cash flow diminished due to COVID-19 and are in need of funding. Our customers can use their existing Salesforce platform to capture important buyer information which, in conjunction with our data modelling, we believe is a much better reflection of their true financial standing,” Mr Rapoport said.
“We knew we could scale with Salesforce and, from the outset, we’ve felt they’ve been an outstanding partner in our success,” added Mr Ross.
