Byte Invoice Finance Review: Compare Features and Fees
How does Octet Invoice Finance work?
Byte is a non-bank lender providing invoice finance to businesses across Australia. Invoice financing allows businesses to unlock capital tied up in their unpaid invoices before the customer is paid. Some debtors take around 60 days to pay a bill, which can hurt your cash flow. With Byte Invoice Finance, you can get your accounts receivable funded within 24 hours.
If your business invoices customers for goods or services provided and you meet Octet’s eligibility criteria, you can apply for invoice financing. If approved, simply invoice your customers as you normally would, upload your invoices to the Byte platform, and withdraw as much (up to 85%) or as little of the invoiced amount as you want. When your customer pays an invoice, they deposit the funds into a designated bank account that Octet manages on behalf of your business. Once the payment is made, Octet will transfer the remaining funds to you – minus any charges – to you.
Features of Byte Invoice Finance
Byte Invoice Finance offers the following features:
- Amount of the loan. 85% of invoices approved. The exact loan amount will depend on the value of your unpaid bill.
- No refund. Because your loan is paid when your customer pays the bill, you don’t have to make a repayment on that loan.
- Secured by your invoices. You don’t need any real or physical property to secure this loan.
- Quick application. Applying online only takes a few minutes.
- Quick financing. Once you’ve uploaded your invoices, you can access your funds within 24 hours.
- Finances grow with your accounts receivable. The higher the value of your invoices, the more access to financing you have.
- Disclosed or not disclosed. Whether your customers know you are using an invoice finance facility will depend on the financial condition and credit rating of your business.
- Transparent fees. Octet has transparent fixed fees for all of its customers.
How much does the loan cost?
Octet invoice financing costs will be specified in your loan agreement. Please visit the lender directly for details.
How to request funding for Byte invoices
To apply, simply click on “Go to site” to directly visit the lender’s website. There you can submit a quick request and start uploading your business invoices.
To be eligible for Octet Invoice Finance, your business must:
- Be in an industry that provides proof of debt
- Have more than one B2B customer in your accounts receivable ledger
- Have an annual turnover of at least $ 500,000
- Have 1 to 2 years of business experience
Before submitting an application, it is a good idea to compare your bill financing business loan options to make sure that you are getting the best possible deal for your situation.