Financing Prepayment Invoice Review | Compare rates and fees
How does advance invoice financing work?
Earlypay bill financing services offer businesses up to 80% (sometimes 90%) of the value of their unpaid bills before the customer is paid. This allows business owners to access the cash flow they need, without having to wait for bills to be paid.
Earlypay offers a flexible and tailor-made service to businesses of all shapes, sizes and industries. Whether your business is just starting out or you’ve been around for a while, Earlypay may be able to help.
Earlypay’s advanced platform integrates seamlessly with your accounting software vendor. So whether you are using MYOB, Quickbooks, or Xero, you can effortlessly simplify your bookkeeping. If you are not using an accounting provider, Earlypay may still be able to help.
How an Earlypay invoice financing service works will depend on your choice of an invoice discount or invoice factoring service, as well as a number of factors relating to your business. The main difference between the two is:
Discount on invoice. Your business retains control of the payment collection process.
Factoring invoices. Earlypay’s professional team takes care of the process of collecting payments from your customers.
Read on to find out if an Earlypay invoice finance facility is right for your business.
Features of Earlypay Invoice Finance
Some of the main features of the Earlypay bill finance facility include:
- Amount of the loan. Access of $ 50,000 to $ 15 million or more in financing. The exact amounts will depend on your financing agreement and the value of your unpaid invoices.
- Fast online application. Apply online in a few easy steps.
- Fast approval. Prepayment typically takes less than 24 hours to let you know whether or not your business is eligible for funding.
- Quick financing. If Earlypay approves your request, you should see funds in your account within 24 hours.
- Up to 80% of unpaid invoices in advance. Once approved, you can release up to 80% of your bill funds. The remainder will be paid to you upon payment of the customer, net of interest charges.
- Credit line. Access a revolving line of credit that grows with your accounts receivable.
- No real estate security. Earlypay does not require any assets or real estate as collateral for the loan.
- Secured by your invoices. The loans are secured against your unpaid bills.
- No payment until your invoice is paid. Your charges will be deducted from the remaining value of your invoice, so there is no need for refunds.
- No long lock-in contracts. You can fund as many invoices as you want.
- Integrates with your accounting system. Integrates seamlessly with most cloud accounting systems.
- Factoring and discount options. Earlypay allows you to maintain control of your collection process or to outsource it to Earlypay.
- Options disclosed and not disclosed. Your customers don’t necessarily need to know that you are using an invoice financing mechanism. Most invoice factoring agreements are disclosed, while most invoice discount agreements are not disclosed.
How much does the loan cost?
- The interest. You will be charged an interest rate of 7% per annum. The rate you will be awarded will depend on the financial situation of your business, the length of your business activity and your annual turnover.
Additional fees and charges may also apply.
How to register
If you would like to request an invoice finance facility with Earlypay, please contact the lender directly through their registration form on the Earlypay website, or call 1300 760 205 to speak to the team directly. You will need to provide:
- Your name
- Phone number
- Details about your business, such as your ABN, trading time, and annual turnover.
Although this is a competitive loan product, it is always a good idea to compare your options before submitting an application. For more invoice financing solutions, please see our guide.