Vendor Case Study Video
Early Payments Prove Successful for Sirai
30 June 2022 |
The C2FO Team
C2FO helps environmental and infrastructure redevelopment company accelerate its cash flow and clean up its balance sheet.
Sirai, a provider of complex and often expensive environmental solutions, has had to become expert at managing its finances to keep its projects on schedule and its cash flow healthy. The company’s remediation work for its clients can involve long timelines and multiple partners, with average payment terms of 60-90 days, according to company President and CEO Vincenzo Marinese.
Fortunately, the company found much-needed relief after implementing the C2FO Early Payment Programme. Sirai CFO Daniele Righetto first heard about C2FO when a major client of the company announced its own early payment programme in partnership with C2FO.
Now, Sirai can accelerate payments of approved invoices nearly on demand. For its clients on the C2FO platform, all that’s required is an agreed-upon discount and a few keyboard clicks by Sirai.
It’s a solution Marinese calls efficient, effective and profitable, while Righetto immediately found it flexible and simple to use.
Located in Venice, Italy, and operating nationally, Sirai remediates soil and water contaminated over several years to decades. It builds, maintains and manages facilities to extract pollutants from buildings and grounds. It also maintains petrochemical sites and provides loading and unloading services at ports.
“C2FO is efficient, effective and profitable to use.” Vincenzo Marinese, President, Sirai
Projects that repair or redevelop infrastructure, such as roads and sewers, can last months or years, from the problem identification phase through disposition of materials. Sirai’s dependency on people, supplies and heavy equipment to perform this work carries high upfront and ongoing costs.
Facing heavy demands for cash, Marinese has had to more closely evaluate his clients, and their creditworthiness in particular. Excessive and overdue accounts receivable could damage the company’s balance sheet and potentially compromise production timelines. Additionally, his 150 employees could fall behind if skills training and investments were delayed due to slow cash flow.
By receiving early payments, Marinese has found significant advantages compared with credit institutions and factoring companies, neither of which he has found to be responsive or simple to work with.
According to Marinese, the C2FO platform is easy to use. He finds it instantly accessible and streamlined, with easy interaction. And he knows very quickly that funds will be released.
CFO Righetto agrees. And in true pay-it-forward style, he endorses early payment through C2FO.
“I would definitely recommend the platform to other companies, as I now have the option of the near real-time release of payments from clients,” he said.