Michael’s Cleaners in Norwalk, CT, is a family run business passed down through three generations. Owner Michael Czegledi purchased the business from his father in 2016, who took it over from Michael’s grandmother who first opened shop in the 1940s. With long-term ties to the community and a reputation for quality work, Michael’s Cleaners enjoys a loyal customer base.
Saddled with old machinery
When Czegledi purchased the business, it came with the old cleaning machinery. His lease requires that he buy the business’ building in three years, but it’s nearly impossible to secure a real estate loan with the outdated machinery on the property.
New cleaning machines don’t come cheap, so obtaining funding to upgrade was a major source of stress for Czegledi. Without sufficient funding, his plans to purchase the machinery—and the building—would be delayed.
Czegledi was also eager to implement a new environmentally friendly cleaning machine to attract a new customer base.
“The way the world’s going, people want to go green,” he said. “I’d been trying to get funding because I needed a new machine that offers a greener way of cleaning.”
" I was kind of skeptical about the funding at first,” he admits. “I didn’t know how it was going to work to have the payments taken out of the credit and debit sales. But I loved how quick everything was. It ended up turning out pretty great. "
Timing is everything
Paying for new machinery was on Czegledi’s mind when he opened a Worldpay from FIS email about Working Capital. Customized funding and automatic payments based on a percentage of credit card transactions seemed almost too good to be true.
“When other companies call to offer you money, you have to jump through a lot of hoops,” he said. “But with Worldpay, I filled out a form, I got a phone call, and bing, bang, boom—I got the money I needed. It was the greatest thing.”
What had been a daunting challenge to secure funding for his business was made easy with a simple email, a seamless process, and quick funding.
The green to ‘go green’
As soon as Czegledi received his cash advance, he arranged to have the old cleaning machine—a “dinosaur”—replaced with an environmentally friendly one. As luck would have it, the process was a lot faster and less expensive than expected.
Additionally, the amount of funding Czegledi received allowed him to purchase more than he had originally planned. He was able to buy cleaning fluid and filters, and another pressing machine.
The funding from Worldpay Working Capital has already helped Czegledi transform his business into a more efficient and environmentally friendly operation with the new machinery. But he’s not stopping there. He plans to use his next advance to transition from plastic to paper packaging. “All of these changes,” he said, “will help him attract new customers.”