You probably have seen Rentokil Initial Malaysia’s vans around the city centre before and would easily recognise it as a pest control business and hygiene service provider.
But what you probably don't know is that Rentokil Initial Malaysia is the same pest control company that treated the soil around Petronas Twin Towers back in 1994. At the time, the landmark was still the tallest building in the world and Rentokil's services kept it termite-free.
Rentokil Initial was founded in 1925 by Harold Maxwell-Lefroy, a professor of entomology (a study of insects) in the UK. It started operating in Malaysia since 1967 and grew into a regional hub for the Asia Pacific with a workforce of 1,400 employees.
The Money Challenges That Come With Growth
Traditionally, Rentokil Initial Malaysia had customers pay for its services via cash or cheque.
Because of this antique and manual payment process, the company struggled with collecting payments from the customers. Even after collecting payment, there are risks involved with cash fraud and basic human error.
As Rentokil Initial Malaysia’s business continued to grow exponentially, the issue of cash collection became more apparent as they tried to keep up with the increasing amount of payers from their different services.
To solve its problems, Rentokil Initial Malaysia created a new digital financial ecosystem with HSBC in 2017 to improve the company’s processes.
Banking Solutions To Keep Up And Avoid Mess Ups
With the help of HSBC’s Virtual Account, Rentokil Initial Malaysia was able to identify all their payers accurately without the hassle of matching them manually. This finance solution allowed the company to track all their business collections from different payment channels so there are minimal leakages.
HSBC’s Virtual Account has significantly reduced the turnaround time for Rentokil Initial Malaysia’s collection cycle too, and provided greater visibility of its overall cash position. With that, Rentokil Initial Malaysia has successfully streamlined its entire cash collection process across the different markets in the Asia Pacific.