Spenda teams up with Carpet Court to roll out payment platform

Payments technology provider Spenda has announced that it will roll out its software and payments platform across the franchise network of flooring retailer Carpet Court.

The technology integration follows a completion of a pilot phase of the platform across 40 Carpet Court stores, which aims to deliver business efficiencies through software and payment services.

The roll out of the bespoke platform, called Carpet Court Spenda Platform, will commence by mid-2023 across Carpet Court’s 2015 outlets.

The company’s services are anticipated to generate significant uplift for Carpet Court’s Head Office, which will enable them to better predict their cash flow and working capital requirements.

As a Fintech, Spenda combines lending and software, assessing transactional data to gain a clear view of a business’s underlying cash flow.

Spenda said this allows for more secure lending and payment offers to be issued. 

“The Spenda platform enables us to leverage best-in-class integration capabilities for efficient end-to-end payment processing, whilst offering member services added solutions such as point of sale and working capital management facilities to save cost and drive member growth,” said Mark Hogan, Chief Financial Officer of Carpet Court.

The software solution will supplant existing time-consuming manual processes. Replacing them with real-time access to accounts so member stores and head office can easily see their inflows and expenses, raise disputes, and better manage their cash flow.

With more than 53 per cent of Business-to-Business transactions in Australia paid late (Xero 2019), transforming payment processes with digital technology not only helps businesses get paid faster but makes them more resilient and future-proofs them from economic challenges.

Accessing working capital through FinTech’s is a growing trend for SME businesses. According to a recent World Bank report, SME’s globally have unmet finance needs to the value of USD 5.2 trillion a year.

To address this need, Spenda has secured a $50m debt warehouse facility which will be used to advance individual stores to pay their invoices to Carpet Court’s head office. 

Spenda Managing Director Adrian Floate said the partnership provides the opportunity to showcase the maturity of its software, lending and payments stack.

“What we are solving for Carpet Court is industry agnostic, Floate said.

“The desire to provide extended and flexible payment terms, e-Invoicing integration and greater cash flow visibility penetrates the whole supply chain,” he said.