PYMNTS.com talked to BlueVine CEO Eyal Lifshitz about the slow pace of innovation in the invoice financing space:
“The way we came into this industry is very different,” Lifshitz recently told PYMNTS in an interview. “Many times, the way financing companies think is, ‘how do I maximize my profit? How do I reduce risk?’ And only then do they start to think about the product or service.”
But in launching BlueVine, Lifshitz said he had an opportunity to approach factoring in an entirely new way. “Because our priorities were switched around, that allowed us the flexibility to define everything about how this service can be beneficial to small businesses,” he said.
“More and more businesses are doing their invoicing online anyway, even in the last two years, especially from the switch from QuickBooks desktop to QuickBooks online. If they’re already doing invoicing online, why not also get financing online for their online invoices? Why do they need to print a copy of it, and send it to their factoring company?”
This article was first published on September 22, 2015. It was updated on