For LSQ, the first three quarters of 2022 marked by new partnerships and product innovation

ORLANDO, Florida., October 25, 2022 /PRNewswire/ — Heading into the fourth quarter of 2022, LSQ, a leading provider of working capital management and financing solutions, is riding a wave of momentum and growth after a record top nine months of the year.

“LSQ has achieved significant milestones so far this year,” said Vikas Shah, Chief Revenue Officer of LSQ. “We have developed key new partnerships that have boosted our Diversity, Equity and Inclusion (DEI) initiatives, seen our first supply chain funding [SCF] program success $1 billion in advance payments to suppliers, doubled our number of SCF customers, launched our largest accounts receivable financing agreement and provided innovative platform features to continue to grow our network and improve our customer experience. »

Partnerships for Diversity, Equity and Inclusion

So far in 2022, LSQ has created formal partnerships with the National Minority Supplier Development Council and its affiliates in Michigan and Chicagoand the Diversity Consortium.

“Access to capital continues to be a barrier to the growth of our Minority Business Enterprises (MBEs),” said Isaiah Spears, director of development and strategic partnerships with ChicagoMSDC. “Providing access to capital from the business buyers our MBEs work with is an innovative approach to strengthening business relationships and creating more diverse supply chains and the Council is delighted to partner with LSQ in this venture. .”

Shah points out that the LSQ team’s focus on supporting MBEs is gaining momentum and paying dividends for traditionally underbanked businesses.

“We have worked with a number of corporate partners to create SCF programs tailored to their minority suppliers and have successfully mitigated MBE financing challenges, particularly in today’s challenging macroeconomic environment characterized by rising interest rates and tighter credit,” Shah said.

Customer and network growth

Besides hitting the $1 billion score prepayments in a single SCF program (in just under 15 months of inception), LSQ created a significant accounts receivable funding facility for Continuum Global Solutions, an omnichannel contact center service provider in worldwide via voice and non-voice channels such as chat, email and social media. This is the largest accounts receivable facility in LSQ’s 26-year history.

According to the LSQ National Sales Manager Renee JacksonLSQ has created over $250 million in new credit facilities for several new customers ranging from small and medium enterprises to large corporations

“We’re seeing prospects and customers who are more focused on holistic partnerships around customer account management with businesses than just financing,” Jackson said. “Our sales team has done a fantastic job of taking the time to learn our customers’ needs and work with our underwriters to create the flexibility to meet rapidly changing working capital needs.”

In terms of overall LSQ growth, LSQ experienced a 300% increase in network growth in terms of enterprise customers, integrated vendors and addressable spend on the LSQ FastTrack® platform in the first three quarters of 2022.

“With the current economic climate, we are seeing renewed interest in working capital and supply chain health,” Shah said. “Beyond that, companies are focusing on tools that improve the efficiency of their procurement and accounts payable and receivable processes. Combining these important factors into a single solution is where we’re seeing great ‘huge wins for customers on the FastTrack platform.’

Platform innovations

To support customer growth, FastTrack has added several innovative new features to help increase efficiency and open up new avenues for working capital optimization and cost savings.

pay later

As an industry first, LSQ has also expanded its solution to include a Pay Later option that allows businesses to get immediate, on-demand working capital improvement. without extend conditions to suppliers.

“Traditionally, companies participating in a supply chain finance program benefit from increased working capital by extending payment terms and offering prepayments through a third-party funder,” Shah said. “But in the current economic environment with tighter credit and tight supply chains, we’re seeing less appetite for supplier term extensions, so companies need to find new ways to improve flows. short-term cash flow.”

With Pay Later, suppliers have access to affordable pre-invoice payments like any supply chain finance program without sacrificing speed, transparency and certainty, but ultimately buyers can extend reimbursement to LSQ beyond the conditions initially set. Buyers benefit from immediate, on-demand access to working capital while their accounts payable and procurement teams strive to optimize supplier terms over time.

Credit notes

Another innovation is advanced automation that allows configuration of credit notes to seamlessly apply credits to invoices in FastTrack. The enhancements eliminate the need for manual entry to offset a vendor’s invoice credits against that vendor’s new invoices. This functionality gives LSQ the ability to handle a myriad of enterprise use cases to meet customer process requirements.

Customer credit management

Customer credit management has long been a mainstay of LSQ’s working capital offerings. Leveraging its 26 years of credit data experience, LSQ began offering an expanded Accounts Receivable Insights solution to both existing customer account funding and new customers. With this new offering, clients have access to reports showing growth trends, client exposure and industry benchmarking among a wealth of data showing transaction behavior. These reports can be used to:

  • Full understanding of client performance and risk
  • Monitor and manage exposure to all customers
  • Improve payment terms based on customer credit profiles
  • Optimize DSO with efficient and effective customer management

“The working capital landscape has changed dramatically in 2022,” Vikas said. “With rising interest rates and tighter credit, businesses need to be extra diligent in maintaining liquidity to ensure their financial health. I am proud of the work LSQ has done to create flexible solutions for our clients to to keep them ahead of current developments and I look forward to growing our solutions and the relationships we have established.”

LSQ is a market leader and pioneer in working capital financing and payments solutions. For more than 25 years, LSQ has relied on innovative technology, credit and risk expertise, and proprietary data that empowers thousands of businesses to optimize working capital, automate, and accelerate payments, manage collections and mitigate risk. Every year, we accelerate billions of dollars in payments to businesses and their suppliers through our LSQ FastTrack platform to help them get the funds they need to grow and thrive. LSQ is headquartered in Orlando Florida. Learn more at www.lsq.com.

SOURCE LSQ financing