Proof of performance: Free Record Shop
Free Record Shop is a complex company that has a large number of stores: 180 Free Record Shops, 60 Van Leest stores, 3 Game Manias and 1 Fame in the Netherlands plus numerous stores in Belgium and Norway. These stores generate considerable turnover. Rabobank joins forces with Free Record Shop to optimally organise all the financial business processes.
One store may have a surplus of cash, while another has a shortage. Rabobank ensures that both situations are handled within the same banking system, i.e. the same credit arrangement. Rabobank optimises the balance on a daily basis through fictitious pooling. The online wallet MiniTix is another innovative idea that enables small payments from € 0.10 to € 10 on the internet.
Deal characteristics
- Cash pooling of the various cash flows in the Netherlands and abroad.
- Local payments in the Netherlands, Belgium and Norway.
- MiniTix for small amounts via the internet.
- Various forms of credit to cover the financing need.LI>
Deal in a nutshell
What is the best and most economical way for a company with both numerous stores in the Netherlands and abroad and sizeable cash flows to manage its payments?
Cross-border cash pooling to process cash flows as efficiently as possible, a new system and rates for cash payments and payments via the PIN payment terminals and the application of MiniTix, a type of electronic wallet (Chipknip) for small payments via the internet.
Free Record Shop Holding BV, Rabobank Corporate Clients Rotterdam Region Team (Financial Logistics)
Capelle a/d IJssel