The knock-on effect on cashflow and on operations was significant. “We begin the build on the day we receive payment for the trike,” says Steve. “That supports the flow of work through our warehouse and supports effective cashflow and it also means that customers get the speedy delivery they want. If payments were delayed, it disrupted that whole process, we could have people waiting to start the build, and with demand for trikes so high, it affected our waiting list, not to mention the business’ cashflow.”
Global Payments Pay by Link solution offered clear benefits, for both ICE Trikes and its customers. Now, when the sales team receive an order, they email the Pay by Link details to the dealer and the rest is up to them. “The solution is very quick and simple to use,” says Steve. “Our team can easily provide all the sales and transaction details on the email and the dealers just have to click the link provided in the email and enter their card details. For our dealers, the simplicity of making payments through Pay by Link is proving a great solution.”
Additional features enhance efficiency
Some features of the solution are particularly useful says Steve: “We can set an expiry date on the payment, for example. With the supply chain so stretched and demand so high, we’re running at a lead time of 28 weeks in some cases, compared to 3-4 weeks pre-pandemic. So if dealers delay payment and the link expires, we can move to the next order on the list – that’s a real incentive for them to pay quickly, but it also gives them the flexibility to decide when to pay.
“We can also add details to the email that helps them reconcile the invoice to their particular customer and we can make the payment link relate to a one-time payment. That’s been really useful in helping some of our US dealers manage payments.”
From a security perspective, Pay by Link, offers advantages for ICE Trikes and its network of dealers. With no card details stored, GDPR compliance issues are overcome and dealers can be assured that the risk of data leaks is reduced. The system also operates 24 hours a day, which is useful in navigating the time difference and means that ICE Trikes operations can run much more smoothly. “I can send a payment batch on a Friday, for example,” says Steve, “the US dealers will receive that and then they can Pay by Link over the weekend and on Monday morning I can tell the warehouse team that we’re ready to go on those orders.”
Supporting growth and opportunity
With ICE Trikes currently in the process of launching an ecommerce facility, the Pay by Link solution will support additional business growth. And while the solution is currently proving invaluable in supporting the business’ cashflow during a period when the entire sales and supply chain is stretched, Steve also anticipates further benefits when things return to more normality. “Receiving payments quickly, particularly in dollars, will allow us to take advantage of currency plays that are favourable,” he explains.
The Global Payments solution provides Steve with all the information through Global Iris that he needs to ensure control and visibility over payments. “It is easy to check any details and, alongside HSBCnet, to reconcile payments with funds hitting our HSBC accounts,” says Steve. “With HSBCnet also offering oversight of our international trade facilities and enabling currency exchange, for example, we have a good visibility of the company’s finances, which enables quick and responsive decision-making.”