last updated 19/09/2016
a business DOING BUSINESS
last updated 19/09/2016
Every time a credit card is swiped or its details entered online, it sets in place a chain of actions that ensure that money is transferred securely from one bank account to another. More than 10 million dollars is currently processed in this way by Auckland-based Flo2Cash every month. Now the company has created a world-first opportunity for sales professionals to generate high levels of recurring income and build a business that has literally no limits to growth potential.
Flo2Cash is not looking for computer experts but success-driven sales professionals. ‘They can come from any background, any industry, as long as they are well-connected with a network of key decision-makers and have the capability to sell B2B at the highest levels,’ says Flo2Cash CEO Ankur Dharmani.
‘The brief is to use their knowledge of business or market sectors they have worked in to show how Flo2Cash can achieve better, faster, more secure payment solutions.’
the systems behind the best
In some ways, Flo2Cash is the best-kept secret in New Zealand. ‘Our systems are behind some of the biggest names in the country,’ says Ankur. ‘If you’ve made an online donation to charity there’s a high chance you’ve used Flo2Cash, and they are just one of over 1,000 organisations – institutions, corporates and SME’s – who employ our electronic payment solutions. Our clients include banks, telcos, medium-sized finance companies, accountants and food distributors, among others.’
Established in 2003, Flo2Cash has been at the forefront of the financial technology (‘Fintech’) revolution that is changing the way business is done. ‘Increasingly, businesses and other organisations are looking for better, faster, more secure ways to receive payments,’ says Ankur. ‘This is exactly what Flo2Cash does by developing payment products and services to provide clients with solutions that can be used off-the-shelf or heavily customised.
‘Payment processing requires some very clever and complex software, yet what Flo2Cash achieves for clients is surprisingly straightforward and easily understood. For example, we developed a cloud-based solution for a national bank in New Zealand. This was introduced by the bank to improve cashflow for businesses by offering customers a variety of new ways to pay, such as by credit or debit card over a mobile phone, by regular instalment, or via a website.
‘Our systems automate credit card and direct debit transactions so there’s no manual data entry, monitoring or reconciliation – that alone can speed up payments to a Flo2Cash client by some 16 hours. In the finance lending industry, we provided an automated system to recover loans through weekly payments. A number of chartered accountants who appreciate that many of their clients can’t afford a big one-off payment for services now operate Flo2Cash instalment plans. We have dentists making it easier for their patients and themselves by using similar products, and have solutions helping franchises manage fund distribution and payments.’
enormous potential, generous rewards
A founding staff member at 2degrees, Ankur admits that if it hadn’t been for the telco using Flo2Cash for billing and recharging monthly mobile services, he doubts if he would ever have been aware of the enormous growth potential of the payment processing market. After eight years with 2degrees, he joined Flo2Cash as CEO in June 2015.
Flo2Cash has a staff of over 30 people, including 15-20 IT developers. ‘We have the people, products and services to “own” the payment processing market but, while we have achieved considerable growth through client referrals and word-of-mouth, we made the strategic decision to franchise our distribution channels to sales professionals who have the potential to reach a wider market and build substantial businesses of their own.
‘Remuneration for our franchisees, whom we refer to as Payment Solutions Partners, is based on a very generous share of their customer’s establishment fees, monthly fees and recurring transaction fees, as well as any software development fees. Once they sign up a customer, the Payment Solutions Partner simply hands them over to us to manage the project. The franchisee benefits from ongoing commissions but doesn’t bear any of the support costs.
‘We worked with Franchize Consultants, the country’s most experienced specialists, to structure a highly professional and ethical franchise system. For around $100,000, Payment Solutions Partners will receive everything they need to succeed. This includes intensive training, a full start-up package, the Flo2Cash IT and communications system and access to an extremely high level of on-going support. After all, our success depends on our Partners’ success.
‘Because we want people who are experts in their own sectors, our Partners won’t be restricted by geographical franchise territories so they can use their contacts to the full. This gives them unlimited potential to grow. A Payment Solutions Partner may start as a one-person business, but become as big as they like, fuelled by the massive potential of this market and that all-important recurring income.
‘I can’t stress enough the income and growth potential of the Flo2Cash franchise,’ Ankur concludes. Providing better, faster, more secure ways to receive payments is a massive growth sector, and Flo2Cash is offering a world first opportunity. If you have a track record of sales success in any sector and can demonstrate a strong commitment to customer service, call us now!’
This advertorial is taken from Franchise New Zealand magazine Year 25 Issue 2
See this article as it appears in our latest issue – download the full magazine here
For more information and advice on buying a franchise get your FREE copy of Franchise New Zealand magazine.
We welcome links from other websites to this article. Please note that this article is copyright © Franchise NZ Marketing Limited, Franchise New Zealand magazine and Franchise New Zealand On Line. While it may be downloaded for personal use, no part may be reproduced on any other website, in electronic or printed form or in any other form whatsoever.
Enjoy true passive income with a Speed Queen self-serve laundromat. With our turnkey service, you’ll be up and running in your own profitable business...
Oncore is New Zealand's leading team for residential and commercial repairs, maintenance, insurance work, installations and decorating. We are looking...
Refresh is New Zealand’s leading renovation business. Refresh is primarily a sales and marketing oriented franchise. We’re looking for business oriented...
Zones Landscaping is the new outdoor franchise from the people behind the award-winning success of Refresh Renovations. Zones is New Zealand’s only...