Advance payment launches its low-doc solution to help small businesses access invoice cash flow.
The Australian corporate finance solutions provider this week unveiled its new solution to help businesses facing an unprecedented maelstrom of late payments, rising interest rates, supply chain delays, rising costs, labor and skills shortages and market volatility.
The company’s AI-powered low-doc invoice financing product will allow businesses to leverage their customers’ invoices to improve cash flow.
According Lee Tregoresponsible for growth for Earlypay, despite the various challenges facing businesses, the Australian economy remains resilient, however, businesses still need help securing their cash flow during these unprecedented and volatile times
“Our new product will allow businesses to access the financial assistance they need without having to go through outrageous and time-consuming steps just to unlock funds from their own invoices,” Trego said.
Invoice financing allows businesses to access equity from their unpaid invoices to generate upfront payments, with the invoices themselves used as collateral.
The solution will allow businesses to access loans of up to $500,000, with cash being released “within 24 hours”.
The solution supports industry-specific automatic pre-approvals including manufacturing, transportation, wholesale, staffing, equipment rental, and security services.
“Business owners don’t need to set up the house or donate equity. Invoice financing is even ideal for businesses with tax debt or other business challenges,” continues Trego.
“Our new product will now help even more businesses.”
According to the findings of Xerolate payments continue to explode across Australia.
On average, more than 50% of all invoices sent by companies to customers are paid with an average delay of 23 days.
In addition to its treasury capabilities, the solution also supports debt collection services and can be integrated with customers’ existing accounting software.
Trego also explained that given the increased demand for multi-product financing solutions, Earlypay will now exclusively offer equipment financing alongside its cash flow lending solutions.
“This change will allow us to help more businesses with flexible solutions in our suite of offerings. It is clear from our customers that when used in unison, both solutions support sustained business growth.
Trego cited the effects of the pandemic in creating an “unusual set of business circumstances for companies” and that it will be the companies that act quickly to ensure cash flow that will succeed over the next 24 months.