How does BINGO work?
Bingo is a supply chain financing solution created with the purpose of eliminating the use of cash in purchase transactions from retailers to wholesalers through a revolving credit line provided by partner financial institutions for the exclusive use of a single wholesaler and their products.
Through an ecosystem that promotes financial inclusion through a technology platform where Financial Institutions, Wholesalers of mass consumption products and small retailers coexist and interact, the affiliated financial institutions evaluate the prospects and approve a revolving credit line per distributor for inventory purchases exclusively for each one, with agreed payment conditions.
Retailers, instead of accumulating cash in their stores or under their possession, deposit in the financial institution the proportion of their sales to cover the payment of the invoice at the end of the grace period.
At the end of this period, the financial institutions make the payment to the wholesalers through the payment methods available in the market.
Know the step by step
Retailer initiates account creation or supplier sends invitation through Bingo to its customers.
Retailer completes their profile and KYC.
Start the credit application process to financial institutions.
Financial institutions receive, evaluate, and approve the credit line request.
The retailer accepts, addresses and activates your credit line.
Supplier makes the sale and the amount is charged to the credit line
The retailer begins to deposit the proportion that will be used for the payment of invoices and inventory replacement.
Once the grace period granted to the retailer has expired, the financial institution proceeds to pay the supplier the amount invoiced on the due date.
Financial Entity collects the funds from the retailer's direct debit account.
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