Vendor Finance Case Study
Comscentre
Businesses leasing technology from telecommunications provider Comscentre have access to easy and secure financing arrangements under a new partnership with FlexiGroup Limited.
In a deal worth up to $5 million annually in approved finance, FlexiGroup, a leading provider of retail point-of-sale finance solutions, will become Comscentre’s preferred finance provider and will finance the company’s end user equipment.
Comscentre Managing Director Ben Shipley said the global financial crisis had made the financing of Comscentre’s end user equipment extremely difficult after its international equipment financier pulled out of its financing arrangements at the height of the turmoil.
“We were forced to change our agreements, self fund a lot of our own equipment to customers and used multiple small broker finance companies to provide our good quality small to medium business customers with equipment finance,” Mr Shipley said.
“Finally we have a long term solution. FlexiGroup will lease products right down to $500 and up to $10 million in one transaction.
“This partnership gives Comscentre access to a stable Australian finance company and our clients access to an easy, sensible financing arrangement.”
Comscentre specialises in providing a complete suite of communication products essential to every business, namely hardware, voice and internet services, backed by a support and maintenance package. Its model is based on converging existing voice and data networks on a single IP-based network. Mr Shipley said Comscentre would move its existing fleet of financed customers to FlexiGroup as soon it could. “FlexiGroup will be a valued and major Comscentre partner for many years and we look forward to offering our clients, both new and existing, the best equipment leasing arrangements possible,” he said.
FlexiGroup provides its products to customers across Australia and New Zealand, marketing its financial and telecommunication products under the following brands; Flexirent, EzyWay, Flexiway, Certegy Ezipay and BLiNK. Key retail customers include Harvey Norman, Noel Leeming, Bing Lee, The Good Guys, Michael Hill Jewellers and Modern Roofing.
FlexiGroup’s GM for Commercial Vendor Finance, Anthony Roberts said FlexiGroup was delighted to be expanding its offerings into the telecommunications market.
“We have been impressed with Comscentre and its operations; they are a national leader in providing small to medium businesses with advanced telecommunications solutions,” Mr Roberts said.
“FlexiGroup has developed long standing relationships with a number of successful retailers throughout Australia and we are delighted to announce our latest partnership with Comscentre.”
Established in 2002 and head-quartered in Brisbane, Comscentre specialises in providing one-stop communication solutions and business connectivity services to small and medium-sized enterprises. It has since grown into a leading telecommunications company with offices across Australia.
