Ever curious about the business behind One Day, One Job and One Day, One Internship? Read this interview I did with The Startup Foundry.

I’ve never taken an Accounting class, but I do run a business, so I guess that means that I have at least a small understanding of how it all works. I may have never formally learned what “accounts receivable” means, but I certainly know it in practice. Right now there are 7 businesses that owe me money for advertising. It’s an asset, but it’s not quite as valuable as actually having the money in the bank. Luckily, this is a relatively cheap business to run, so cash flow is never an issue. For many other types of businesses, cash is essential. The 30/45/60 days that they give debtors to pay invoices can be extremely costly (in terms of risk and the time-value of money) because it limits the businesses’ ability to make short-term investments like buying products wholesale to sell retail, paying for advertising, or making payroll. The Receivables Exchange is a company based in New Orleans, LA (headquarters) and New York, NY that fixes this problem. They allow business to auction off their accounts receivable for cash. Businesses obviously have to pay a premium for the cash that they get, but it allows them to make short-term investments that should easily cover the costs of financing.

Jobs Receivable

I must admit that the first thing that I noticed about The Receivables Exchange is that their domain name is ReceivablesXchange.com. I guess they don’t want anyone to think that their name is Receivable Sex Change. That would make sense, since they’re actually doing something really important for small and medium business owners. Here’s how the whole thing works. Basically, institutional investors (buyers) can “post profiles indicating their preferences and proactively browse and search for auctions of interest to them.” Business owners (sellers) can post as many accounts receivable as they like, and they can set “the duration of the auction, the minimum advance amount, and the maximum fee they will pay.” The investors bid, and the first one to meet the seller’s terms wins. If nobody meets the terms, then the best bid at the end of the auction wins. It’s a simple idea, but all of the value is in how The Receivables Exchange has implemented it.

If you’re looking for a more in-depth look at how The Receivables Exchange works, you can take a look at their FAQ along with their case studies. Once you have a pretty good grasp on the business, then you’ll want to head over to The Receivable Exchange’s Careers page, especially if you share their vision of being “the most trusted capital market in the world for small and mid-sized businesses.” Right now The Receivables Exchange is looking for a Client Services Associate (New Orleans), a Receivables Advisor (Independent/Nationwide), and an Assistant to the CEO (New York City). They also offer a variety of internships (in areas including Corporate Finance, Human Capital/Corporate Culture/Human Resources, Product Management, Institutional Sales, Corporate Operations, Information Systems, Operations, and Marketing), so there’s certainly a chance for more opportunities geared towards recent grads.

Links to Help You Begin Your Research

• ReceivablesXchange.com
• Jobs at The Receivables Exchange
• About The Receivables Exchange
• Leadership at The Receivables Exchange
• The Receivables Exhange’s FAQ
• The Receivables Exchange Case Studies
• The Receivables Exchange News

What do you think of The Receivables Exchange?

We've identified The Receivables Exchange as having career opportunities in the following categories:

• accounting
• administrative
• all employers
• business development
• customer service
• finance
• investment
• Louisiana
• New York
• sales

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