JACKSONVILLE, Fla. and GARDEN GROVE, Calif., Aug. 1, 2006 (PRIMEZONE) -- GE Business Credit Services (BCS), the commercial unit of GE Money, and Vengroff Williams & Associates (VWA), a global provider of finance and accounting business process outsourcing solutions, today announced availability of a receivables financing alternative that will enable VWA's 3000+ global clients to collect on their receivables faster than ever before possible. With this offering, VWA clients will be able to fund invoices as they are generated by selling their receivables to VWA/GE. Seamless to their end customer, VWA will continue to service the account and collect on receivables with the same quality service that their clients' customers are accustomed.
"As interest rates rise, clients are asking for more and more creative ways to accelerate their cash flow," said Mark Vengroff, Chief Executive Officer of Vengroff Williams & Associates. "By working with GE to offer this financing alternative as an outsourced service, our clients will not only be able to focus on their core competency, but will also gain access to the critical cash needed to fuel continued growth."
"We are very excited to work with Vengroff Williams & Associates to provide financing solutions for their rapidly growing client base," said Chris Little, Vice President and General Manager of GE Business Credit Services. "GE Business Credit Services has over 70 years industry expertise providing financing solutions for commercial trade receivables. VWA has a proven track record in commercial business process outsourcing, and our receivable funding can expand the product suite they may offer their clients."
Key benefits of the solution may include:
-- Same day funding upon invoice purchase enhances cash position
-- Transactions that are transparent to key customers allowing
the client to maintain key customer relationships while turning
receivables into cash
-- Up to 100% advance rates, immediate funding and accelerated
cash flow for the client
-- Flexible terms from 30-120 days, including unsecured credit
to meet customers diverse needs
-- GE assumes credit risk so clients are guaranteed payment
-- Ability to sell single account or pool of accounts for complete
control over receivables
-- Electronic Data Interchange (EDI) used to transfer
invoice/remit information daily completely automates process
Additionally, the collaborative efforts will leverage VWA's ability to quickly and proficiently design both processes and technology for outsourcing the entire quote-to-cash cycle -- from invoicing to payments to disputes to cash management and reconciliation -- to drive improved control, compliance, and continuous process improvement.
Availability
The joint VWA/GE finance alternative solution is available now and is offered to VWA's qualified clients, pending requisite documentation.
About GE Business Credit Services
GE Business Credit Services, based in Jacksonville, Fla., is the commercial unit of GE Money. The BCS unit provides receivables management programs and marketing solutions in the business-to-business arena that support the distribution of product throughout the supply chain.
GE (NYSE:GE) is a diversified services, technology and manufacturing company with operations worldwide. More information about GE Money can be found online at www.gemoney.com.
About Vengroff, Williams & Associates, Inc.
Founded in 1963 and with $20 billion dollars under its management, Vengroff, Williams & Associates is a leading provider of finance and accounting business process outsourcing (BPO) solutions for Fortune 1000 companies such as General Electric, Ford Motor Company, Federal Express, Kodak, Microsoft, Yamaha, and others. Applying state-of-the-art proprietary information systems, best practice work flow and people to realize cost reductions, operating efficiencies, and improved process design, VWA's approach enables clients to easily insource or outsource all or part of the quote-to-cash function. Solutions are customized to each client's requirements or expanded to incorporate specialized tools and SAS 70 compliant processes and procedures. Services include full order to cash processing, third party collections, EIPP systems, deduction management, dispute management, auto cash solutions, front-end risk mitigation, and tax resolution. To learn more about VWA, please visit www.vwainc.com or telephone (866) 393-4892.