FactorONE Invoice Finance

Get up to 80% of your unpaid invoices financed. Fees and charges apply.

FactorONE specialises invoice financing for businesses in a variety of sectors, from manufacturing to transportation. Invoice financing is credit you receive against outstanding sales invoices. Your invoices act as security, so no real estate is required. FactorONE will finance up to 80% of your unpaid invoices. The remaining 20%, minus fees, will be sent to you once your customer has paid. This loan doesn’t have a loan term and acts like a line of credit. Fees include an account keeping fee, an establishment fee and a charge for holding the funds. Charges will be outline when you contact FactorONE.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

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.

Compare a range of invoice finance options

Whilst we don't directly compare FactorONE Invoice Finance, you can use the information in this page and the table below to see how they stack up in the Australian invoice financing market.

Name Product Min. Loan Amount Max. Loan Amount Loan Term Upfront Fee Filter Values
Waddle Invoice Finance
$10,000
$4,000,000
From 1 month
$0
Apply to borrow up to $4 million against your unpaid invoices and receive your approved funds within 48 hours.
Timelio Invoice Finance
$10,000
$100,000,000
Up to 4 months
$0
Get up to 100% of the value of your invoices without having to wait for customer payments, and with no minimum turnover or operating history required.
Thornmoney Invoice Finance
$10,000
$5,000,000
0.5% to 1.25% drawdown fee
You'll receive a rate tailored to you, and have up to 90% of your invoices funded. A 0.5% p.a. to 1% p.a. establishment fee applies, however this will be waived if you apply through Finder until 31 March 2022.
ScotPac Invoice Finance
$10,000
$150,000,000
From 1 year
No set amount
Improve your business cash flow by financing your outstanding invoices. No minimum trading history required, but minimum 12 - month term and $10,000 in invoices.
ScotPac Selective Invoice Finance
$10,000
$1,000,000
1 to 3 months
$500
Finance your unpaid invoices on demand with terms of 1 - 3 months. 95% of invoice is paid upfront, with no minimum trading history required.
Earlypay Invoice Finance
$50,000
$15,000,000
From 1 month
No set amount
Access a revolving line of credit that grows in line with your accounts receivable. Funding available from $50,000 to $15,000,000+.
Octet Invoice Finance
$100,000
$10,000,000
1 month to 2 years
No Set Amount
Convert up to 85% of your company's receivables into cash flow. The value of your receivables need to be worth at least $250,000 to be eligible.
Earlypay Trade Finance
$20,000
$15,000,000
1 month to 15 years
No set amount
Get finance for 100% of your outstanding supplier invoices. Borrow from $20,000 to $15,000,000 with Earlypay.
loading

Compare up to 4 providers

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site