Westpac Chief Executive Commercial and Business Bank, David Lindberg, said Westpac Group is the first major Bank in Australia to offer businesses a solution that facilitates credit card payments to pay overseas suppliers with support for ten foreign currencies, as well enabling business customers and their suppliers to jointly manage their workflow.
“With the increasing number of businesses trading with suppliers in a global marketplace, particularly in Asia, Business Link provides businesses with a secure end-to-end platform, which facilitates payment to international suppliers anywhere, anytime.”
“Business Link is another example of our continued investment to make Australian businesses stronger.”
“We know many Chinese exporters do not accept credit card payments due to merchant restrictions and, as a result, Australian businesses are unable to utilise credit dollars sitting dormant on their credit cards. Our partnership with Octet offers business customers the ability to now use their credit card instead of tapping into cash reserves to make payments. This gives businesses the ability to free up their cash flow by having access to competitive real-time exchange rates, credit card interest-free periods and reward terms. It also enables businesses to make the most of early payment benefits.
“Previously only larger commercial businesses could afford to build supply chain management tools. Now, with Business Link, our customers also have access to such tools, which also encompasses the workflow between our customers and their suppliers.
“Small businesses are bombarded each day with alternative funding but they already have a powerful tool in their pocket: their credit card.”
Business Link is another example of our continued investment to make Australian businesses stronger.”
Westpac Business Link builds on Octet’s proven supply chain management platform, which has been used to transact over $1 billion in supplier payments to date, facilitating transactions between small businesses and tens of thousands of suppliers across more than 60 countries, including China and India.
“With Business Link, Westpac and Octet are democratising the supply chain management tools that have traditionally been the realm of large enterprises, making cross-border payments and transactions between businesses frictionless,” said Octet Managing Director Clive Isenberg.
“Small businesses are bombarded each day with alternative funding but they already have a powerful tool in their pocket: their credit card. By using the cards they already have to pay suppliers both in Australia and abroad, small businesses can pay invoices faster, negotiate potential discounts on goods with better credit terms, and get reward points simply by going about their business. All while speeding up their supply chain significantly and removing the speed and language barriers often faced when dealing with international suppliers.”
Customer benefits of Business Link include: