Security Bank Corporation has been tapped by Epson Philippines Corporation to offer a special financing program to Epson's distributors and their dealers nationwide.

In a statement, Security Bank said the Dealer Financing Program is designed to provide financing to the dealers of the distributors of Epson to support the payment of goods ordered up to collection period. 

It explained that this financing program will bridge the liquidity gap of dealers until their receipt of funds from sales.

Through Security Bank and Epson’s partnership, dubbed S-Strategic T-Tie-up of E-EPSON P-Partners and S-Security Bank (STEPS), Epson dealers will enjoy readily available funds for inventory build-up and to support big ticket orders, which usually tighten liquidity. 

Additionally, the end-to-end payment process will be simplified, enabling dealers to facilitate collection through designated Security Bank accounts. Further, the possibility of a dealer incentives program is in the works. 

"We are delighted to partner with Epson Philippines to offer this innovative financing solution to their distributors and dealers," said Security Bank Executive Vice President and Wholesale Banking Segment Head John Cary Ong. 

He added that, “we understand the challenges and opportunities that they face in the market, and we want to provide them with the best possible banking experience. Through this program, we hope to empower them to achieve greater efficiency, productivity, and profitability.”

"We are excited to collaborate with Security Bank to launch this innovative STEPS Dealer Finance Program,” stated Epson Philippines President and Director Masako Kusama. 

She noted that “this partnership not only opens up new opportunities for our dealers but also aligns with Epson's corporate purpose of delivering unique value through innovative and creative solutions."

“By providing financial support to our partners, we can collectively drive growth in the corporate segment and contribute to the success of businesses in the Philippines," she added.

“We are honored to be mandated the local bank of choice for Epson to support and grow their distributor/dealer relationships. The Dealer Financing solution is just the beginning of a deep and progressive partnership with Security Bank, showcasing the innovative and customer-centric culture embraced by our two institutions,” said Security Bank Director and Alliance Segment Head Juichi Umeno. 

He added that “we will continue to provide meaningful and value-driven solutions across the company’s supply chain process, liquidity and cash management services and cross-border requirements by leveraging Security Bank’s partnership with MUFG and its affiliated companies across the globe.”