Shore to Shore Avoids Painful Payment Terms Using GT Nexus
GT Nexus announced today that Shore to Shore Textiles, a manufacturer of men's and women's under garments based in Bangladesh, is tapping the GT Nexus network to obtain access to capital to fund its business and improve performance.
Shore to Shore Textiles faces payment terms as far out as 90 days when serving customers in the U.S. and Europe. The terms often strain the apparel exporter and outside financing is needed to support day-to-day expenses, such as salary.
"We are able to ease capital related challenges by transacting on the GT Nexus network," said Rakibur Rahman, General Manager at Shore to Shore. "In a single automated environment, we receive orders, submit invoices and receive funding from RTS International, a finance provider on the network. We know exactly when we will get paid, and it's within days."
Shore to Shore Textiles was established in 2006. Its yearly turnover is $50 million (USD), servicing major global brands such as Charles Komar, Ariel Alpha, Calzedonia, H&M, M&S, Celio, Next, Cubus, Jules and Charlott.
Shore to Shore has adopted an early payment program through GT Nexus to improve cash flow and free up their present credit line with banks. Through the platform, they obtain access to capital at competitive rates to support day-to-day operations.
Shore to Shore benefits from an early payment program available to suppliers on the GT Nexus network. RTS International uses the network to obtain visibility into trading partners and delivers funding based on the financial strength of Shore to Shore's customer.
"Manufacturers like Shore to Shore are able to improve the overall health of their business - and the strength of the whole supply chain, when they can access capital faster and at rates significantly lower than the local market is offering," said Kurt Cavano, Chief Strategy Officer at GT Nexus. "Finance providers like RTS International are willing and able to offer more robust forms of financing due to the visibility they have into the supply chain."
RTS International provides funding solutions for clients in more than 40 countries and has partnered with GT Nexus since 2012.
"Our collaboration with GT Nexus allows us to provide our clients access to working capital in a streamlined and simple way," said Luis Mondragon, Vice President of Sales for RTS International. "The synergies between our products, services and the GT Nexus platform are tremendous."
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