When Dutch-born Rip Pruisken found his products being distributed throughout the 7,500 Starbucks stores in the United States and Canada, managing receivables became a top priority for them. Funding Gates’ receivables management tool has helped carry their enterprise to the next level.
Managing Exponential Growth with FundingGates’ Receivables Software
As the company’s functioning chief operating officer, Marco De León relied on Funding Gates’ AR/Credit Software to manage the expansion of new accounts and maintain a healthy cash flow. The ability to compare actual cash results to projected results was crucial as De León and Pruisken approached larger customer accounts.
When Rip Van Wafels first started using FundingGates Receivables Software in 2017, 50- 60% of their receivables were over 90 days past due. Within the first five months that number dropped to 23%. With the ability to prioritize their customer accounts effectively, consistent follow-ups and easy tracking of the analytics and KPIs, they improved their seriously delinquent AR by a whopping 30-40%. Their ability to keep their accounts receivable in the green and their cash flow healthy ultimately helped them to approach larger customer accounts.
“We approached Starbucks about nine months ago,” Pruisken noted. “With large companies there is a long process for testing potential new products, but it went very well for us.” As of January 5, 2016, the coffee retailer began carrying Rip Van Wafels everywhere.
“We’re excited. 2019 is really going to be the year we go from a regional approach to a national approach,” says Pruisken.
“We’re building out our distribution on a different scale.” But as the company grows, one thing is certain: They will continue to rely heavily on Funding Gates’ AR software.
In the next few months, the cofounders plan to expand to different channels both online and in retail stores. Outside of Starbucks, Rip van Wafels are available on Amazon, and Whole foods locations in the Bay area.