In the healthcare sector, the ability to source medical devices and supplies from cheaper manufacturers abroad can be a key competitive advantage. Suitable funding is essential to become an importer.
Imports are crucial to the Australian healthcare sector. From the latest medical devices to standard pharmaceutical supplies, most healthcare providers rely on things that are manufactured abroad – but many still buy them from suppliers in Australia. This, of course, comes at a price.
In a growing but highly competitive industry, significant cost advantages can be found by importing supplies directly. With specialist import finance, healthcare companies not only reduce the risks and logistics pressure of doing this, but they can actually improve their cash flow situation.
Why is Import Finance needed?
Foreign suppliers can offer a major cost saving to healthcare companies, compared to buying the same product from a local importer. However, there are significant cash flow implications to buying from abroad. Typically, a company may have to make an initial downpayment on its order upfront, and then settle the difference either immediately before shipment, or on proof of shipment.
Compared to ordering from a local distributor of the same product, who may even be prepared to extend generous payment terms, this leaves a healthcare firm having to pay much earlier for devices and consumables which will only be used and billed for several months later.
Importing Medical Supplies
Drugs and other medical consumables are a major and regular cost to any healthcare business. Cutting a percentage off that cost can have a significant positive effect on on the bottom line.
This can often be achieved by going direct to manufacturers abroad, but there are logistical difficulties associated with importing pharmaceuticals in particular. Licenses and permits are often needed, and the bureaucratic challenge of getting these can be added to the customs clearance and duties required of less regulated products.
Uniquely among the various forms of finance available to help a company start importing, import finance often comes with support to negotiate these challenges, and the risks of dealing with distant suppliers.
TIM’s Import Finance
Put simply, import finance is a form of business funding designed specifically to plug that gap and eliminate the risks and cash flow problems associated with buying from abroad.
Import financing can take several forms, from invoice factoring and supply chain finance solutions to bank guarantees, letters of credit and asset-backed facilities. Smart import finance, provided by a nimble fintech like TIM, can be very cost effective and allows companies to enjoy the savings available by importing while neutralising the risks as well as putting the funding in place in a cost efficient manner.
Effectively, TIM can pay your supplier directly at the necessary point in time, and then you can settle up with us on pre-agreed terms – and for a fixed fee. And because of our range of contacts and partners, we can also arrange for the logistics and bureaucracy to be taken care of.
Thanks to fintech, smart funding solutions can be tailored to each businesses’ needs and provide comprehensive cash flow and logistical cover. With TIM’s specialist solution, you can build a tailored import finance package that will not only ensure you can buy from the best suppliers, but also de-risk the process and help with the logistics.
Smart import finance is a game-changer for Australian businesses wanting to access the advantages of sourcing goods from overseas. One you have set up an account with us, and your suppliers have been approved, the online system is very simple and gives you total control.
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TIM Finance offers several different funding solutions (Services), one or more of which has a no-fee, no interest and no long lock in contract period, called the Fully Flexible funding option. Conditions, fees and charges apply to some of the Services provided, which may change or we may introduce new ones in the future. Full details for all funding options (Services) including any fees and charges which may apply, is available on request. Lending criteria apply to approval of credit products. This information does not take your personal objectives, circumstances or needs into account. Consider it’s appropriateness to these factors before acting on it. Read the funding agreements provided, for your selected product/service, including all the Terms and Conditions contained in agreements provided, before proceeding. *T&Cs: Minimum 12 month invoice funding contract with TIM Finance. Direct clients only, offer doesn’t apply to broker introduced clients. All standard credit terms and conditions apply including credit assessment. Not applicable to existing clients.