FactorONE Invoice Finance

Turn your sales invoices into cash through FactorONE invoice financing and grow your business with ease.

FactorONE specialises in offering invoice financing to businesses in a variety of sectors, from manufacturing to transportation. Invoice finance acts just like a bank overdraft, except the funds that you have access to are entirely your own and your unpaid invoices are used as security.

FactorONE keep 20% of your invoice until your customer pays in full, which means you have access to the other 80% to do whatever you want with to help your business grow. This is ideal for businesses who can’t afford to wait for customers to pay what’s owed.

How does FactorONE invoice finance work?

Once you’ve submitted your invoice to the team at FactorONE, 80% of the funds will be in your account within the next 24 hours. The money is yours to do with as you see fit. You no longer have to wait on customers to pay you what they owe because you have quick access to the funds. FactorONE keeps 20% until your customers pay you. Once the customers have paid the invoice, you receive that remaining 20% of the funds.

Features of FactorONE invoice finance

There are standard features that come with this financing option. Some of them include:

  • Security. FactorONE, the group that you are considering to finance your invoices, has been around for 28 years. It has lent $13 billion to small- and medium-sized enterprises (SMEs) in 2016 alone.
  • Fast approval. Once you have enquired about whether or not your business will be accepted, you’ll receive a response from FactorONE within two business hours . You’ll know whether or not you’ve been approved in the 24 hours following that .
  • Personalised solutions. The solution that is offered by FactorONE is different for every business and is tailored specifically to your business needs. There are no added extras with this.
  • Ideal for any business. Need to refinance your debts? Want to grow but still haven’t been paid? FactorONE allows a variety of business types to benefit from its invoice finance option.
  • Straightforward process. The process is simple. Send out your invoices in the usual way, call FactorONE or apply online and upload the invoices that you need to be paid. Once this has been done, you’ll receive 80% of the funds you need within the next 24 hours. You’ll get the other 20% once your customers have paid you.
  • Fast funds deposit. Once your business has been approved, the funds will be deposited into your bank within 24 hours.
  • No loan terms. This is a line of credit (although different from the usual kind, because the invoices are used as security) so there are no loan terms associated with this loan. You’ll just pay back FactorONE when you get the funds from your customer.
  • No real estate security required. There is no real estate security required with this type of finance.

How much does the loan cost?

Some of the fees that you can expect to pay with this invoice finance include:

  • An account-keeping fee.
  • An establishment fee.
  • A charge for holding the funds. FactorONE will be holding on to the rest of the funds until your customers pay up, so you can expect to be charged a fee for this service.

All the charges that you will be expected to pay will be outlined to you once you speak to the local manager in charge of your account.

How to apply for FactorONE invoice finance

In order to benefit from FactorONE invoice financing, you need to click on “Go to Site” and be ready with the following:

  • An Australian Business Number (ABN).
  • Sales invoices that take longer than 15 days for payment. Invoices older than 90 days can’t be funded. Other invoices that cannot be included are milestone invoices, progress claims and invoices to private individuals.

The documents that you need to provide include:

  • Your driver’s licence.
  • Proof of your ABN.
  • The invoices that you want to be paid off. You don’t need to submit every invoice that you’ve ever been sent. You’re able to pick and choose the ones that you need to have paid off in order to help your business grow.

The local manager who handles your account will be able to let you know what other information you need to provide, which could include questions about the health of your business and your personal background.

Using invoice finance to help your business grow is an option to consider if you need capital quickly to cover expenses. However, make sure you consider other business loans before making a final decision.

Comparison of other business finance options

Whilst we don't directly compare FactorONE Invoice Finance, compare other business financing options.

Rates last updated February 22nd, 2018
Name Product Min Loan Amount Max. Loan Amount Loan Term Application Fee Product Description
Prospa Business Loan
0.25 to 2 years
Apply for up to $250,000 and receive your approved funds within one business day. Note: Businesses must have a turnover of more than $5,000 per month and be able to demonstrate 6 months of trading history.
NAB QuickBiz Loan
1 to 3 years
An unsecured business loan from $5,000 that can be processed in 1 business day. Businesses that apply and are approved before 30 April 2018 are eligible for a discounted interest rate of 12.95% p.a.
Moula Business Loan
0.5 to 1 years
Small business loans of up to $250,000 approved and funded within 24 hours.
Transparent fees and rates. Note: Business must have been operating for at least 12 months and have monthly sales of at least $5,000.
Spotcap Loans
2 years
Take advantage of a fixed interest rate and no upfront fees with this business loan, available up to $400,000. Note: Business must have been operating for at least 18 months and have turnover over $200,000.
Sail Unsecured Business Loan
1 year
2.5% origination fee
Apply for up to $5,000 even if you have bad credit. Note: Business must have been operating for at least 6 months and have turnover over $50,000.
OnDeck Business Loans
0.5 to 2 years
$0 (2.5% origination fee)
Apply online for up to $150,000 with OnDeck and receive approved funds in one business day.
businessloans.com.au Flexible Business Loan
0.5 to 1 years
1.5% Initial draw down fee
A 100% online business loan with amounts available from $5,000. Flexible eligibility criteria and transparent rates and fees.

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