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Waddle Invoice Finance review

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Find out how Waddle's invoice financing can help support your cash flow.

Many businesses can struggle with cash flow while waiting on invoices to be paid. If you've been putting off making important business purchases or your cash flow is under stress due to late or pending invoice payments, you may want to consider invoice financing.

Invoice financing is a well-established technique for business growth and development (learn more about it in our detailed guide). Invoice financing can be traced back to as far as the 1300s – and some forms, even further. But we've come a long way from merchant banking. Fast forward to 2019 and lenders like Waddle are taking a new and tech-forward approach to invoice financing, one that claims to integrate seamlessly into your business.

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Main points to consider about invoice financing with Waddle

To apply for financing, set up a business profile with Waddle by clicking the "Go to site" button and enter your name and business email. Once you're set up you can connect your business cloud accounting software to Waddle. The software options include Xero, MYOB AccountRight and QuickBooks Online.

Waddle will evaluate your business credentials and financial information and potentially make you a finance offer, with rates based on your business's financial health. Keep in mind that the initial offer isn't final and may be adjusted by Waddle. Once you've accepted your terms, you can withdraw funds based on your invoices. You won't be charged anything until you decide to draw down on your funds and you only pay for money that you borrow.

Once your account is created a new bank account will be issued in your company name. Any balances you draw down will be repaid using your customer payments into that bank account. This creates a fully revolving line of credit.

Features that are on offer

Waddle offers a number of features to benefit small businesses:

  • Quick process. The application can be completed quickly and most businesses can receive funding within 48 hours. Once you sign your loan documentation you can draw down on your funds.
  • Tailored loans. Waddle analyses your business accounting software and uses your accounts receivable to determine your available funding limit.
  • Waddle direct bank feeds. Transactional data is passed automatically between Waddle and your accounting software to save you time.
  • Repayments. Waddle will set up an account in your business's name and payments from your selected customers will be made into this account. This will pay down your balance. You're also able to make additional payments at any time.
  • Customise your customers. You're able to choose and add customers to deduct your loan payments directly in your Waddle dashboard. To remove customers, contact your account manager.
  • Flexible terms. There are no lock-in contracts and you only pay for what you use.
  • Less admin. Cloud accounting integration means no need to upload any invoices and quick reconciliations.

What costs do I need to consider

  • Interest. Interest is calculated daily on your outstanding balance. It is applied to your loan balance monthly.
  • Fees. Fees payable on your Waddle line of credit are added to your balance when incurred.

How you can apply

To start the application process, just click "Go to site". Your business will need to meet these eligibility criteria:

  • Have been trading for at least 12 months
  • Raise commercial invoices to creditworthy customers
  • Be using Xero, MYOB AccountRight or QuickBooks Online

You will also need your name, business email and your cloud accounting software logins to complete your application.

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