With consumers demanding ever more foodstuffs from overseas, and costs often lower from foreign suppliers, Australian food wholesale companies are increasingly involved in international trade. Smart import finance not only provides the funding, but takes out much of the risk and admin too!
The need for specialist funding to help Australian businesses access competitive supplies from abroad has never been greater, as they compete in an ever more globalised market. For wholesalers in the food and grocery sector, this is particularly true as they face competition from multinationals with their own import-export divisions.
Two things are needed in order to level this playing field and allow independent food wholesalers to thrive: suitable, readily available funding; and help with the administration, logistics and risks.
Whether you are already an experienced food importer, or a wholesaler taking your first steps into foreign trade, TIM’s specialist import finance can help.
Funding Your Food Imports
In the wholesale business the cashflow gap always looms large, and it will only widen when you start seeking supplies from further afield. Whatever the savings you can make from sourcing foods abroad – or the mark-up on a new exotic foodstuff you have exclusivity on – you’ll need to order and pay for your supplies long before you get a chance to sell them.
This is where import finance comes in: unlike generalist business funding solutions such as a business loan, import finance is flexible and tailored to you by design. Import finance looks at your current trading position, and the quality of your buyers and suppliers, not at your credit history or property security. And it funds your current needs – no more, no less.
With import finance, you decide on the order you want to place with an overseas supplier, according to your sales expectations and demand from your customers. When you receive the invoice from your purchase order, instead of paying it yourself, you will simply forward it on to us. We pay your supplier and ensure that the foodstuffs are despatched ’post haste’. You pay us back on agreed terms, 30 or 60 days later.
For wholesalers in the food sector, where shipment is by necessity often fast, this may be enough to cover their cashflow gap. But import finance can also be combined with invoice discounting for those businesses that require more time.
International Buying Made Easy
Many food wholesalers are interested in becoming importers, or increasing their overseas supply chain exposure in order to access the best deals and the tastiest delicacies. What is less appetising is the risk of buying from foreign jurisdictions, partying up front, managing quality control and worrying about exchange rates.
Import finance solutions such as TIM’s can remove much of that administration, alongside the forex risks, the bureaucracy, and even the cultural misunderstandings: A dedicated account manager oversees the entire import transaction, keeping you updated on your orders as they make their way from farms, warehouses or food processing plants to your business. We check on transit and ensure delivery, completely removing the administration complexities usually required in managing imports.
With our staff on the ground in China, Asia and the USA, the Quality Control (QC) of your food is managed by TIM to ensure quality standards expected – or legally required – for food in Australia. And the price quoted by TIM is the all-inclusive Australian dollar price per shipment, delivered to your business, with nothing more to pay.
So what are you waiting for? If you’re not already importing as a food wholesaler, take a look at the savings you can make, and the delicious produce you could access if you do. With TIM, it’s never been easier.