“It’s like a day and night difference for us on cashflow.” — Todd Giardina, CEO of Todd’s IT
Looking to pay a contractor before year end, Todd’s IT turned to Raistone for a non-debt solution.
It took just a week for the company to get set up for receivables financing through Raistone, allowing them to access their money, on their terms — just days before the calendar rolled over.
“It’s fantastic,” said Todd Giardina, CEO of Todd’s IT. “It’s like a day and night difference for us on cashflow. So instead of having all of this money sitting out in this pipeline days and weeks out, we’re getting it the same week.”
Among the services offered by Todd’s IT is Business & Robotic Process Automation, which allows clients to automate time consuming digital tasks with a software “robot.” Giardina said working with Raistone allowed Todd’s IT to adopt the tools needed to grow that service more quickly, because they had the cash available to invest in their business.
Larger facility sizes: Todd’s IT now has up to $250K of increased working capital. The facility can scale up insize as Todd’s IT business continues to grow.
Decreased DSO: The amount of time Todd’s IT waits to get paid shrank from 45 days to 3 days.
Low pricing: Achieved because it is based on the strong credit strength of Todd’s IT’s client, which will ultimately pay back the receivable.
Non-debt working capital: Raistone’s solution is non- debt to Todd’s IT. It is simply accelerating payment on an asset, a receivable.
Another major capital expenditure for Todd’s IT is a direct mail service the company offers to clients, simplifying the distribution of thousands of pieces of physical mail. Paper and postage require significant investment up front, and because of Raistone, Todd’s IT is able to recoup those costs in just a few days, instead of waiting the full 45.
For Giardina, one of the key advantages of working with Raistone is its native integration with SAP. By connecting to the platform he and Todd’s IT already uses, his company is able to quickly, easily and affordably access their cash.
Raistone provides real-time data integration with SAP, which not only makes enrollment fast and easy, but also simplifies accelerating payment on new invoices.