Payroll solutions specialist set for growth with Scottish Pacific deal
Sponsor content - Scottish Pacific Business Finance
National growth business financier Scottish Pacific and payroll specialist Oncore Contractor Payroll Solutions have announced a funding partnership to facilitate Oncore’s growth plans.
Oncore’s decision to fund their national business using debtor finance is an example of the innovative finance solutions available to the recruitment, HR and payroll sector, according to Scottish Pacific’s general manager (Qld), Mr Rob Lamers.
“It’s great to be partnered with a Queensland-based business that supports many small business operators throughout the country,” Mr Lamers said.
“The Oncore business was tendered with a number of bank and non-bank lenders and we were delighted that the strength of our offering, including the reputation and experience of our staff, sealed Oncore’s decision to partner with us.”
Oncore manages all aspects of contractor payroll and administration as well as salary packaging and financial solutions for individuals, recruitment agencies and corporates.
Oncore’s Finance Director Robert Easton said the funding facility with Scottish Pacific would enable Oncore to grow with its client base and would provide a platform to grow their funded payroll solutions to a wider range of small to medium sized recruiters and corporate clients throughout Australia.
“A partner like Scottish Pacific offers best in class finance facilities, and enables us to partner on key clients who need payroll solutions and larger finance facilities,” Mr Easton said.
“The scale of the facility Scottish Pacific has been able to offer, along with their specialist knowledge of invoice finance, was attractive to Oncore above some of the more traditional finance providers.
“They have a reputation for top service and their managers are great to work with. They are also a growth organisation and we were impressed by how keen they were to work with us,” he said.
The deal results in one of Scottish Pacific’s largest Queensland-based facilities, and makes Oncore a significant national client.
Mr Easton said debtor or invoice finance works well for professional services businesses such as recruitment and HR firms.
“Especially for small to medium firms where their clients maybe be corporate businesses demanding long credit terms, but their workers require more frequent payment.
“In the early years of a new business trading, access to finance may be limited from traditional sources due to a lack of trading history and credit rating.
“This facility with Scottish Pacific makes trade credit more feasible through a solution like Oncore's, helping those businesses get off the ground, secure good clients and grow. The solution is also offered direct to corporate clients where they are looking to consolidate their procurement process, enabling single periodic invoicing for their flexible workers,” Mr Easton said.
Mr Lamers said Scottish Pacific looks forward to helping Oncore grow.
“As we would be able to offer in any state of Australia, our local Queensland staff were able to provide a tailored, cost effective and easy to operate facility to create this partnership with Oncore,” Mr Lamers said.
Oncore Contractor Payroll Solutions launched in 1998 under the ITG brand, and the company has been built on a foundation of world-class technology and dedicated client care, with more than 60 staff in offices including London, Brisbane, Melbourne, Sydney, Perth, Sunshine Coast and New Zealand. Oncore is a specialist in Contractor Payroll Management Solutions and Outsource Payroll Services. http://www.oncoreservices.com/au/
Scottish Pacific Business Finance is part of the Scottish Pacific Group (ASX:SCO) and is the largest specialist provider of working capital solutions for SMEs in Australia and New Zealand. More than 1700 clients in industries including transport, manufacturing, wholesale, import, labour hire and printing benefit from their broad range of trade and debtor finance solutions. Scottish Pacific handles more than $14 billion of invoices each year, providing debtor and trade finance funding exceeding $1 billion. Established in 1988, the business has full service bases in Sydney, Melbourne, Perth, Brisbane, Adelaide, Auckland, London and China. Scottish Pacific is an ASX 300 company. www.scottishpacific.com
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