Shift Trade is a revolving trade account that simplifies all of your supplier payments. It assists businesses by removing the hurdles involved in dealing with trade accounts from multiple suppliers. With Shift Trade, you get more control and flexibility over your trade terms which helps to improve cash flow.
To open your Shift Trade account, go to register.shiftpayments.com.au and follow the steps. All you need is: (1) your mobile number; (2) business bank account; (3) drivers license or passport number. If there are additional company directors or shareholders, you can invite them to also complete their details to finalise the account opening.
There are no setup or ongoing costs for having a Shift Trade account. Depending on the payment terms you choose for your business, transaction fees can apply. For example, there are no costs for 14-day payment terms. If you choose payment terms longer than 14 days, a transaction fee applies to range from 0.49% (3 weeks) to 4.98% (13 weeks).
Payments are made overnight and usually received by your supplier within 1 business day. When you make a payment with Shift Trade, you can nominate the payment description your supplier will see when they receive payment (e.g. an invoice number or name). The supplier will usually nominate a preferred reference number on their invoice. To protect your privacy, payments will always appear to come from you and not from Shift Trade or Shift.
When you first set up Shift Trade, you have the choice and flexibility of requesting a credit limit for your trade account. Alternatively, Shift Trade can recommend a credit limit for you based on your turnover and sales.
Shift Trade is brought to you by Australian business lender Shift.