SicommNet Launches Access to Prompt Payment Services for it's Vendor
Community.
San Diego, CA - May 02, 2005 –SicommNet today announced
that it is working with Bay View Funding, which is financed by a subsidiary
of Wells Fargo Bank, to offer Prompt Payment Services to its more than
30,000 vendors already receiving solicitations from state and local
public agencies within SicommNet’s MarketPlace system.
While public agencies tend to be excellent customers, many
small businesses find the cash-flow requirements necessary to successfully
perform on public agency contracts do not always align with the payments
from the agency. SicommNet understands the challenges that companies
sometimes experience in receiving prompt payment from their customers.
Because of this, SicommNet has made arrangements with a few select leading
financial institutions, including Bay View Funding and Wells Fargo,
wishing to provide a Prompt Payment Service to vendors who have won
awards from public agencies or other customers.
“We are delighted to be offering Prompt Payment Service
to our public agency customers’ vendors. We recognize the cash-flow
requirements for many small businesses necessitate obtaining funds in
advance of their contract’s current payment schedule. In conjunction
with the rest of SicommNet’s products, receiving Prompt Payment
Service will help many of our vendors be even better suppliers to our
public agency customers,” noted Dr. Michael Elliott, CEO of SicommNet,
“This is a win-win for both.”
The Prompt Payment Service is initially being offered to
suppliers receiving orders from public agencies which are awarded on
SicommNet’s BaSEC system. More information on this service is
available HERE.
| About SicommNet : |
| |
SicommNet was founded in San Diego in 1998
to provide e-commerce solutions for public agencies, business
enterprises, and the millions of small and medium sized businesses
searching for a way to use the web as a business tool. SicommNet’s
e-procurement system, which runs on the Internet, is used by the
states of Hawaii, Idaho, and Maine, as well as the U.S. Marine
Corps and several other public agencies. |
| About Bay View Funding : |
| |
Bay View Funding is an independent asset-based
finance company providing cash flow financing solutions for small
to medium sized businesses across the USA. Account receivable
financing up to $2 million. Providing financing solutions for
start-up, fast growth, or leveraged, service, manufacturing and
distribution companies through out the USA. Learn more by telephone
(800)229-9000 ext 620 or www.bayviewfunding.com. |
Contacts:
SicommNet:
Name: Paul McEneany
Phone: 877-742-6661 x 130
e-mail: mceneany@sicomm.net
Bay View Funding:
Name: Vince Narez
Phone: (800)229-9000 ext 620
e-mail: vnarez@bayviewfunding.com
