Timelio Invoice Finance review
Manage your cash flow with Timelio invoice finance.
If your business is looking to grow but struggling with getting invoices paid on time, invoice financing can help improve your business cash flow.
Timelio invoice finance lets you get your invoices paid immediately, without having to wait on customers to pay, and with no maximum funding limits. You can finance Australian or overseas invoices with no lock-in contracts or exit fees.
Find out if it's right for your business below.
Main points to consider with Timelio invoice finance
Timelio is an online lending marketplace that lets businesses fund their outstanding invoices via a network of investors. Once you have set up an account and uploaded your invoices, the network of investors competes to finance them, and you then receive the funds within 24 hours. You can apply online and can also link your MYOB or Xero account directly.
Unlike traditional business loans, you do not need to have a minimum turnover or operating history, and you do not need to provide property as security against the finance. However, to be eligible for invoice finance, you will need to have invoices worth at least $10,000 from large corporate, government or insured customers as well as an ABN.
You receive up to 100% of the invoice value upfront, minus any fees. A late-payment reserve, equal to one month's discount fee (a fee paid to Timelio investors), is held until your customer pays the invoice. It is your responsibility to ensure your customer pays the invoice, and Timelio may request the invoice be repaid if it is 45 days overdue.
You will not have to pay any sign up or account fees, and there are no lock-in contracts. The cost of invoice financing varies based on the size and duration of the invoice, and the quality of the customer, but you will generally pay around 1% of the funded amount per 30 days.
Features of Timelio invoice finance
- Fast online application. You can apply for funding online in approximately 10 minutes.
- Quick funding. You can get access to funding within 24 hours.
- Flexibility. Choose which invoices you want to fund, when you need to, with no lock-ins. You can fund all your invoices, or just the ones you want.
- Range of investors. There is a network of investors that compete for your invoices, giving you a competitive rate.
- Funding options. Timelio also offers trade finance and export finance to fund overseas customers.
What costs do I need to consider?
- No upfront or ongoing fees. You will not pay any application or account-keeping fees.
- Transaction fee. You will pay a fee on each invoice, depending on its size and duration.
- Discount fee. This is paid to Timelio investors and is calculated daily.
How you can apply
You can start your application by clicking "Go to Site" above. Your business will need to meet the following criteria to be eligible:
- Have a minimum of $10,000 in invoices from reputable customers.
You will also need your name, business email and your cloud accounting software logins (or you can manually upload financials) to complete your application.