Vendor Case Study Video
October 23, 2019 |
The C2FO Team
Techcycle Solutions uses C2FO to shortcut long payment terms and bring in cash to drive its continued expansion.
It’s a strange feeling to be without your phone. When you leave it behind, you go back to the house and get it. When it’s broken, you can feel pretty helpless.
Techcycle Solutions helps students, employees, and consumers keep their lives moving by making sure they can quickly get their devices repaired.
Founded by wireless industry veteran Matt Paperi, the company was born out of the simple observation that today’s students rely on their devices to get their schoolwork done.
Techcycle took off, and soon it was serving not just schools but cruise lines, corporate offices, and major retail stores.
The challenges of explosive growth
When Matt secured Staples as a corporate client for Kansas-based Techcycle, he wasn’t so sure how he would keep his business moving smoothly.
Staples gave the company 90-day terms, which meant payments would be stuck in accounts receivable for three months.
Meanwhile, the company still had inventory to buy and employees to pay.
It was a tricky situation to be in—taking on new opportunities required expending more capital, capital that was needed to maintain existing operations.
Supporting growth with early payments
A friend suggested Matt look into C2FO as a means of getting paid early by Staples. He went online and “was just wowed.”
Initially, he didn’t see how the C2FO platform could deliver what it promised. Matt called for a better explanation, just to be sure he wasn’t missing anything.
“It was the best phone call I’ve had in a long time with a vendor. The customer service rep walked me through exactly how it works, and it was just so easy.”
Matt Paperi, Techcycle Solutions President
After talking to his relationship manager at C2FO, Matt was up and running on the C2FO platform—and he decided to try it out with one of their largest invoices.
Within three days, Techcycle received payment on an invoice that wasn’t due for 90 days. The solution worked, and it meant Techcycle didn’t have to raise money or factor invoices.
Moving forward with Techcycle
Whether working with corporate partners like Staples, school districts or individuals, Techcycle wants its staff members to see themselves as heroes for its customers.
It’s why a main hall at the organization is lined with portraits of Superman and Flash—to remind staffers that they’re solving major problems for everyday people who need their cell phones, tablets and computers.
Though Techcycle continues to expand into new verticals, Matt wants to make sure the company doesn’t lose focus on ts original customers—the students.
Gaining big customers like Staples and having a simple way to bring in cash provides the company with the resources to ensure more students always have access to the devices they depend on.
Learn more about Techcycle Solutions here: https://techcyclesolutions.com/