Find out how Waddle's invoice financing can help support your cash flow.
Many businesses struggle with cash flow, and while there is no one reason why that is, a common issue is because of time spent waiting for invoices. If you've found yourself putting off making small business purchases or that your cash flow has been under stress due to invoice payments, you may want to consider invoice financing.
Invoice financing has been around (you can learn more about it in our detailed guide), and now some lenders are taking a new, tech-forward approach to this type of financing. One of these lenders is Waddle. Find out how its invoice financing product works in this review.
Main points to consider about invoice financing with Waddle
To receive financing from Waddle you need to have a business profile, which you can set up using your name and business email after clicking "Go to Site". You then connect your business cloud accounting software to Waddle – Xero, MYOB AccountRight and Quickbooks Online are the options you have.
Waddle will evaluate your business financials and then make you a finance offer. Keep in mind the offer you see isn't final and can be adjusted when you speak to an account manager. You won't be charged anything until you decide to draw down on this amount.
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 on the same day. 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' 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 add customers to deduct your loan payments from directly in your Waddle dashboard. To remove customers, contact your account manager.
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 which are 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.