May 21, 2019
For the majority of companies, particularly those in service-based industries, the back office is the heart of the business where most of the value is generated for customers. However, tracking productivity is often very challenging.
How additional services on Metalshub enable productivity
Over the last decade, some of the most successful start-ups have been marketplaces; Deliveroo on its marketplace brings together restaurants and people looking for food, Expedia connects travelers and hotels, Uber brings together drivers and passengers. At scale marketplaces are very powerful business models, however, they are extremely hard to build, the chicken and the egg problem needs to be solved - how to kickstart liquidity.
Metalshub’s approach to grow engagement and activity on the marketplace is to offer complimentary services on its platform. Integrated services which ultimately saves the back office time and effort.
From experience, the Metalshub Co-Founders know that it is not easy to start a new business relationship. A Know Your Customer check needs to be performed, credit worthiness needs to be checked, and logistics quotes need to be requested. All of these services have been integrated into the marketplace in a fully digital way. The goal is to reduce for the Seller the time and effort to offer.
Know Your Customer (KYC)
The KYC is a concept introduced by anti-money laundry regulations. Companies need to keep information on file about their trading partners, for example; the names of shareholders who own more than 25% of the company. Many organizations have a Risk or Compliance Department which takes care of this task, however, this takes lots of time, and particularly for small transactions the process cost may be higher than the actual profit. On the click of a button, Metalshub provides KYC files for every company registered on the platform, the advantage is that Sellers can offer much faster. Moreover, Metalshub runs automatic database checks on every company, every night, so changes can be detected much earlier. More information.
Metalshub is the first B2B marketplace in the world with an integrated Euler Hermes credit insurance offering. When a Buyer creates an enquiry the Seller can request free credit insurance quote for that transaction. The pricing is very competitive and the information whether the Buyer is insurable or not is provided instantly. Currently this services is only available for EU companies, but the Metalshub team is working hard to expand it to other geographies. More information.
Similar to the Credit Insurance feature, Sellers can request a transport quote for enquiries on Metalshub. They simply need to enter their storage locations. That it is! Information about packaging, delivery dates, volume, Incoterms, don’t need to be input, all of this information is already there. The Seller’s counterparty for the transport is Metalshub who has all the required insurances and the highly qualified team in place. More information.
What is coming next?
There are two features that are currently being developed by the Metalshub team.
First, in the near future, Seller will have the opportunity to factor their receivables and receive payment immediately after delivery. Furthermore, Buyers will get the opportunity to extend the payments terms. For example; if the Buyer and the Seller have agreed on 30 days’ payment terms, the Buyer can request an extension to 60 days from Metalshub.
Second, Metalshub is building a powerful analytics centre which allows Buyers and Sellers to access and analyze decision relevant information. For example; Buyers can see previous transaction prices and price trends, share of wallet of various suppliers, and performance (ratings) of the suppliers.
The numbers proof Metalshub is on the right track. Since the introduction of the Credit Insurance and KYC features, the numbers of offers/bids submitted on Metalshub have doubled quarter-on-quarter.
It’s free to request quotes for all of our services, try them out and experience a more efficient way of working!