Procuret payment option in growth mode

Procuret has been an Affiliate Partner of APSCo for 12 months now and in this time we have grown from an early stage fintech to successful scale up operating in Australia and New Zealand. Procuret's Zac Underwood explains.

Our business payment platform enables suppliers and service providers to offer a simple way for their clients to pay for products or services in monthly instalments, while they get paid upfront. Using the latest technology, we provide a seamless digital payment solution that is fast, flexible and secure, helping suppliers and service providers to sell more, whilst getting paid sooner.

While there is a broad application for Procuret's solution, the initial focus is on products and services aimed at small and medium businesses; including recruitment agency services, where most clients currently use working capital and overdrafts to pay.

Procuret’s goal within the recruitment industry is to partner with agencies so they can work with a wider range of businesses, without having to reduce their fees.

Over the past 2 years since targeting the recruitment industry, the uptake has been modest and we believe this is for two main reasons. Both due to covid, 1) with a reduced workforce, agency recruiters have had lots of work on and haven’t prioritised these smaller businesses and 2) small-medium businesses and early stage companies haven’t been recruiting as much due to market uncertainty.

In a post-pandemic world, we are seeing an increase in the number of companies using Procuret to pay for their recruitment fees. We have seen more recruitment invoices paid with Procuret in the last few months when compared with the 18 months prior. We are seeing more and more recruitment agencies use Procuret to win new customer segments and small and medium businesses.

Procuret can be integrated with invoicing systems such as Xero and the process doesn’t require any documents to be uploaded by the recruiter or the client. The client simply clicks a secure hyperlink on the invoice, they complete the online process in a couple of minutes, approval is back within 15 minutes and the payment is made to the recruiter immediately. The recruiter doesn’t pay any fees and Procuret manages the credit risk.

If you would like to find out more about offering Procuret as a payment option to your clients please reach out to: Zac Underwood, Partnership Manager via zac.u@procuret.com