Summary
On this episode of Startup Junkies, hosts Caleb Talley, Victoria Dickerson, and Harrison Kitson are joined by Scott Coffey, President and Founder of AccelePay, a platform that helps businesses turn accounts payable into profits. By capturing early payment discounts and utilizing an efficient payables process, AccelePay increases revenue while decreasing administrative costs. Additionally, cash flow and supplier relationships are strengthened, resulting in improved business performance.
Scott is also the President at Exchange Capital, a factoring company that offers business clients extremely effective tools to assist owners and managers with the growth of and decision making for their business. Exchange Capital’s services provide clients with a more predictable cash flow while simultaneously eliminating the burden of accounts receivable billing and clerical work.
Throughout the episode, Scott shares his entrepreneurial journey and insights into the world of invoice factoring and early payment solutions. His expertise and unique perspectives offer valuable insights for entrepreneurs, business owners, and any individuals interested in exploring innovative financing strategies. Listen now and discover how these alternative financing models can help businesses unlock cash flow, scale operations, and foster better vendor relationships!
Show Notes
(0:00) Introduction
(1:12) Scott Coffey’s Background
(2:24) Exchange Capital’s Origin Story
(5:57) An Explanation of Factoring and Its Impact
(10:23) About AccelePay and Its Timeline
(15:35) Accelepay’s Ideal Client
(24:06) Scott’s Relationship with His Dad
(26:50) Managing a Business Relationship with a Family Member
(29:03) COVID Challenges
(35:40) Advice to Younger Self
(37:54) Closing Question
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