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Earlypay Invoice Finance
Get the cash flow boost you need from $50,000 - $15 million+ without using real estate security with an invoice finance facility from Earlypay.
If you're a B2B business that issues client invoices for goods or services provided and you're looking for extra cash flow, then an invoice financing service from Earlypay could help.
Earlypay is an Aussie business lender that offers a range of loan products to businesses in need of a cash flow boost, including both invoice discounting and invoice factoring facilities.
4 things you should know about this finance product:
- From $50,000 to $15,000,000+ funding available.
- No asset or real estate security required.
- Once approved, you could receive funding in less than 24 hours
- Rates start from just 7% p.a.
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How does Earlypay Invoice Finance work?
Earlypay's invoice finance services offer businesses up to 80% (sometimes 90%) of the value of their outstanding invoices ahead of client payment. This gives business owners access to the cash flow they need, without having to wait for invoices to be settled.
Earlypay offers a flexible, tailored 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 provider. So, if you use MYOB, Quickbooks or Xero, you could effortlessly make your accounting more streamlined. If you don't use an accounting provider, Earlypay may still be able to help you.
How an invoice finance facility from Earlypay works will depend on whether you opt for an invoice discounting or an invoice factoring service, as well as a number of factors about your business. The main difference between the two is:
Invoice discounting. Your business retains control of the payment collection process.
Invoice factoring. Earlypay's professional team takes over the process of collecting payment from your customers.
Read on to find out whether an invoice finance facility from Earlypay is right for your business.
Features of Earlypay Invoice Finance
Some of the key features of Earlypay's invoice financing facility include:
- Loan amount. Access from $50,000 to $15 million or more in funding. Exact amounts will depend on your financing arrangement and the value of your outstanding invoices.
- Quick online application. Apply online in a few easy steps.
- Quick approval. Earlypay 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 application, you should see funds in your account within 24 hours.
- Up to 80% of outstanding invoices upfront. Once approved, you can unlock up to 80% of your invoice funds. The rest will be paid to you upon client payment, minus interest charges.
- Line of credit. Access a revolving line of credit that grows in line with your accounts receivable.
- No real estate security. Earlypay does not require assets or real estate as loan security.
- Secured by your invoices. Loans are secured against your unpaid invoices.
- No payment until your invoice is paid. Your charges will be deducted from the remaining value of your invoice, so there's no need to make repayments.
- No long lock-in contracts. You can finance as few or as many invoices as you choose.
- Integrates with your accounting system. Seamlessly integrates with most cloud accounting systems.
- Factoring and discounting options. Earlypay allows for you retaining control of your collections process or outsourcing it to Earlypay.
- Disclosed and undisclosed options. Your customers do not necessarily need to know that you are using an invoice financing facility. Most invoice factoring arrangements are disclosed, whereas most invoice discounting arrangements are undisclosed.
How much does the loan cost?
- Interest. You will be charged an interest rate from 7% p.a. The rate you are allocated will depend on the financial circumstances of your business, your length of time trading, and your annual turnover.
Additional fees and charges may also apply.
How to apply
If you would like to apply for an invoice financing facility with Earlypay, please contact the lender directly via its sign-up 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 regarding your business, such as your ABN, time trading and annual turnover.
While this is a competitive loan product, it's still a good idea to compare your options prior to submitting an application. For more invoice financing solutions, please visit our guide.
