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The Story of NOW

NOW's STORY STARTED WITH NOURISH

It’s a story with an unexpected twist.

Before NOW Corp, Lara started Nourish.

The company sold a patented children’s product.

And, sales growth was good.

Then, she started selling to national retailers.

Every business owner dreams of these customers.

But, the growth threatened to put her out of business.

Lara Hodgson speaking at Venture Atlanta Lara Hodgson, Founder and CEO of NOW Corp, speaking at Venture Atlanta
The bigger the customer, the slower they pay

CAN YOUR BUSINESS GROW TO DEATH?

After receiving the big order, the clock started ticking.

The order had 30-day terms, so Lara negotiated 60-day terms with her suppliers.

60 days came and went, and still her customer hadn’t paid her.

Like many businesses who take on big orders and then wait, and wait, and wait to get paid – Nourish was facing a hard reality – it was growing to death.

The payment terms provided were more of a suggestion, and as revenue continued to remain tied up in accounts receivable, Nourish struggled with cash flow and payments to suppliers.

AM I A FREE BANK TO MY CUSTOMERS?

Lara knew about loans, lines of credit, and factoring.

Raising equity was expensive and diluted her ownership.

Every invoice she issued was a free loan to her customers.

Finally, Lara asked, “Why am I the bank?

Why borrow money only to lend it to my customers for free?

There has got to be a better way.”

THE AHA MOMENT OF THE STORY

The aha moment came while having lunch at a restaurant.

Retailers don’t wait to get paid—they take credit cards.

It doesn’t matter when the customer pays their card’s bill.

So, Lara and her business partner re-engineered the concept.

They invented a never-before-seen method of B2B payment.

NOW has been covered by:

Venture Atlanta logo
Huffington Post logo
forbes logo
CNBC logo
PBS logo
E&Y Entrepreneur of the Year logo

HOW DOES NOWaccount WORK?

How can it impact your revenue 300% per year?

What are the benefits?

What kind of companies use it?

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