C2FO Debuts CashFlow+ Card to Speed Invoice Payments

FinTech C2FO on Tuesday (June 14) launched the C2FO CashFlow+ Card, allowing businesses to expedite their invoice payments without the traditional discount for early payments, according to the company press release.

CashFlow+ Card customers can select invoices they want paid early, then have the full balance of each approved invoice transferred to their cards, which can be used anywhere Visa cards are accepted, the press release said.

The CashFlow+ Card “significantly reduces the number of days it takes for a business to be paid on an invoice,” according to the press release. It offers 1% cash back on all purchases with no load or maintenance fees, meaning businesses will get rewarded for everyday purchases and investments.

According to the Federal Reserve Banks’ Small Business Credit Survey 2022 Report on Employer Firms, “Application rates for traditional financing were lower in 2021 than in recent years, and those that did apply were less likely to receive the financing they sought.”

“Our work has always centered on getting businesses working capital faster and more cost-effectively to help them thrive,” Karan Sarin, senior vice president and general manager of card products at C2FO, said in the company press release.

“Given the impact that stubbornly high costs are having on margins, we believe that our CashFlow+ Card is well-timed and will be especially impactful for businesses for which timely cash management is critical. At the end of the day, we want businesses not to choose between paying their bills versus growing in the marketplace,” he said.

Related: Albertsons, C2FO Team On Diverse Supplier Payment Program

Last June, Albertsons announced it would work with C2FO to give diverse suppliers access to early payments, making the grocery chain part of a new group of retailers tackling diversity through better processes.

Supply Chain Dive says supplier diversity is something retailers and grocers are focused on, with the Midwestern grocery chain Mejier hosting a virtual summit with diverse suppliers during the spring, and Target pledging to purchase more than $2 billion from black-owned suppliers in the next four years. C2FO’s deal with Albertston’s is similar to deals the company made with Walmart and Sam’s Club in May 2021.