Release the cash tied up in your customer invoices with a Skippr business line of credit.
Not every business owner is sitting on a huge pot of investment money, and often businesses need ongoing cash injections to grow. Enter invoice finance. Invoice financing allows businesses to access the money they're owed instantly instead of waiting for the invoice due date. This makes it difficult to ever borrow more than you can afford to repay, and may be more economical than a high-interest personal loan.
If you're struggling to manage cash flow or just think that a financial safety net for your business would be a good idea, you might benefit from an invoice finance line of credit.
How does Skippr Invoice Finance work?
Skippr Invoice Finance works by integrating with your business's cloud-based accounting software (compatible with MYOB, QuickBooks or Xero) to give you access to your outstanding invoices. If you have an unpaid invoice, you are able to access up to 80% of the funds shortly after the invoice is issued with Skippr. Once invoices are reconciled, your clients pay into an account set up by Skippr in your business's name. Any remaining funds from the payment will be transferred directly into your usual business bank account, minus any finance that you have used and any fees or interest charges.
Skippr offers a business line of credit up to $500,000 for small to medium businesses. To apply for a Skippr business line of credit, you must have been trading for over six months, have an Australian ABN or ACN and trade with creditworthy business customers. You must also have at least one outstanding invoice.
Features of Skippr Invoice Finance
- No security required. Because the finance is secured against your unpaid invoices, you do not need to use your assets as security in order to qualify for invoice finance.
- $30,000 - $500,000 available in funding. You can access funds ranging from $30,000 up to $500,000 with Skippr's business line of credit.
- Quick online application. Apply online in minutes for Skippr Invoice Finance. A Skippr consultant should get back to you in under 24 hours with either an offer or further questions.
- Quick access to funds. If you are approved for invoice financing, you should be able to access funds within 24-48 hours after agreeing to the terms.
- Same-day funding. Once integrated, you can draw down on unpaid invoices with a single click and receive the funds the same day.
- Up to 80% of invoice funds available. Access up to 80% of your unpaid invoices. The remaining payment will be transferred to your regular business account upon payment, minus any fees and interest charges.
- Discreet. There is no need to inform your clients that you are using a third-party finance provider. A bank account will be issued in your business name for your customers to pay into.
- Only pay for what you borrow. If you don't draw down on your business line of credit, you don't pay any fees or interest and all client payments are transferred straight to your regular business account.
- Time saver. Because Skippr integrates with your accounting software, all drawdowns and interest payments are reflected automatically in your accounting software.
- B2B. Skippr is available only on B2B business invoices.
- Secured data. Skippr partners with Codat to securely integrate with your accounting software.
- No-lock-in contracts. You can stop working with Skippr Invoice Finance any time you want.
- No hidden fees. Skippr Invoice Finance is upfront about the costs, so you don't need to worry about any hidden fees.
How much does Skippr Invoice Finance cost?
- Drawdown fee. You will be charged a fee each time you withdraw on your line of credit. This fee is from 0.75 - 2% of the drawdown amount.
- Interest charges. Interest is charged daily against your outstanding balance. This ranges from 1-2% per 30 days. For example, if you withdrew $100,000 for 30 days and were allocated a 1.5% interest rate, you would pay $1,500 in interest charges.
How to apply for Skippr Invoice Finance
If you think that having access to a Skippr business line of credit could help your business grow, simply click our "Go to Site" button to submit an application. Before applying, please make sure that you meet the following criteria:
- You have an ABN/ACN
- You raise invoices for your goods or services
- Your business has outstanding receivables with other creditworthy businesses
- Your business is not heavily indebted to other lenders
- You use the following cloud-based accounting software: Xero, MYOB Essentials or QuickBooks Online
- You have an expected monthly revenue of $50,000+
- You have been operating for at least six months
Skippr Invoice Finance offers an attractive option for many business owners. However, it is always useful to compare invoice finance providers carefully prior to submitting an application in order to ensure a good match for your business.