Petnet uses Payability to accelerate earnings from Amazon; receives working capital they need to keep up with increasing sales.
Petnet is the leading provider of smart home pet technologies that helps pet-owners stay connected with their pet’s health. Petnet products are driven by a team of designers, engineers and pet food experts who are committed to digitizing the pet industry through next-generation products for pet owners.
Petnet’s SmartFeeder, winner of the prestigious 2015 Consumer Electronics Association (CES) Innovation Award, successfully sold through on Amazon but had a difficult time financing the sell in because of Net 60 standard payment terms. To put things in perspective: Petnet received their 4th Amazon Purchase Order for 10,000 units before they even received payment on the initial PO. Petnet needed financing to increase inventory to keep up with demand.
Payability stepped in and was able to fund $130,000 within 5 days of when Petnet signed up. This capital was immediately put back into inventory to fulfill purchase orders.
“Our sell through on Amazon has been amazing, but our sell-in was challenged because we didn’t have the working capital to finance the growing purchase orders.”
Carlos Herrera, Founder of Petnet