Choosing the Best Invoice Finance for Small Business Needs

When it comes to running a small business, there are investors to keep happy, in addition to your daily processes and payroll…the list goes on. So why worry about your financial state on top of all that? That’s why so many choose to work with a company like Selectpay that provides invoice finance for small business.

 

Here we’ve collected some more about the process and how it can benefit you!

 

When searching for the right invoice finance solutions for your small business, there are some key factors to consider to help you find the best one for your company including:

 

  • Clearly Understanding Your Needs: First, when searching for invoice finance solutions, it’s always best to begin with a clear idea of your financial needs as a small business. This means taking into account your company’s specific industry, the size of your small business, as well as the volume of invoices you generate on a monthly or quarterly basis. Many invoice finance companies focus on specific industries or ones of a particular size, so knowing all these facts upfront will make your search much easier.

 

  • Consider Customer Service & Security: The customer service options you’re provided when enlisting the help of an invoice factor company are crucial. You’ll want one that’s responsive and offers excellent care, fast answers to your questions and finds solutions to your concerns ASAP. They should also offer support in more complicated areas. Security is also a critical component and it’s important to make certain they have adequate measures in place to protect your business’s crucial financial information and data and use fully secure online platforms.

 

  • Research & Compare: Don’t simply find the first invoice finance provider for small businesses that looks good and choose it: do some additional research and compare it with others in the industry. Search for companies with a proven reputation and positive reviews online, and that can offer references, just like interviewing a job candidate. Additionally, pay close attention to fees and charges that may come with a company’s services.

 

Contact Selectpay for invoice finance solutions and more today!

 

Selectpay can help small business owners with invoice finance solutions, providing plans that are flexible and cover all their needs. You’ll get the money you need quickly, and we’ll put a single, simplified process in place to cover multiple invoices up until the approved limit of your plan. Your small business will receive 85% of any invoice filed upfront, then your client pays within the normal agreed-upon timeframe and once they have, you receive the remaining balance of the invoice. It’s that simple!

 

To learn more about our invoice finance solutions, buy now pay later services, and cash flow services contact us online today or call 1300 566 229.

How B2B Buy Now Pay Later for Business Eliminates Late Invoice Payment Issues

Cash flow issues can always arise no matter what size your business is, and when they do, you need a fast solution. That’s why so many companies take advantage of buy now pay later for business (BNPL) services like those offered by Selectpay. Not only can such solutions save time and money but also help you eliminate late invoice payments.

 

Here we’ve collected some insight into why BNPL for business can help you say goodbye to late invoice payments!

 

Why Are Invoices Paid Late So Often by Businesses?

 

There are several reasons why businesses often put off paying invoices past the traditional 30-day waiting period. Some of the most common include:

 

  • Invoicing Errors & Insufficient Accounting: One of the foremost reasons businesses pay their invoices late is often due to invoicing errors that occur, especially if they don’t have an automated system in place. Human errors can occur in the accounting department, and unfortunately, this often leads to invoices being missed altogether. Administrative errors and things like the wrong address often throw a wrench into the payment/accounting process as well.

 

  • Cash flow Concerns: Just like your business may experience cash flow issues occasionally, so can other ones just as easily. This can often lead to deferring the payment of invoices until their accounts are balanced again. By holding onto their cash reserves, if possible, companies can cover the costs of payroll, buying new equipment, and other necessities.

 

  • Lack of Late Invoice Penalties: If your business doesn’t have strict guidelines in place for paying invoices on time, or there are no penalties if a company doesn’t, your invoice will likely be pushed to the bottom of the list. This means you’ll have to follow up again and again until it’s paid.

 

How B2B Buy Now Pay Later Helps All Stakeholders

 

Whether you’re a business that needs to be paid or one that is required to pay for goods or services, B2B BNPL for business solutions can help all involved. This is because it allows your purchasers to buy your goods and services and then pay at a later, more convenient date, enabling both parties to keep their cash flow under control.

 

Since B2B BNPL services mean that a third party is handling all the invoice collection, you won’t need to worry about mistakes, or tracking down late payments, saving both time and money.

 

How Selectpay BNPL for Businesses Can Help You

 

Selectpay helps you and your client maintain the proper cash flow and eliminate late payments providing them with the option to pay invoices in four easy instalments over time, while you get paid for your goods/services upfront. All that’s required of your clients is a one-time, upfront fee.

 

Learn more about our BNPL solutions, invoice finance, and growth finance services by contacting us online today or calling 1300 566 229.

A Guide to Invoice Factoring

Running a business of any size can be a daunting task. With such a large amount of things to focus on from keeping clients happy to managing the payroll expenses, why would you worry about cash flow problems when you don’t have to? That’s where invoice factoring comes in. It’s a quick and easy way to receive the cash you need to keep operating at optimal levels.

 

As one of the leading business financial factoring experts, the team from Selectpay has collected this insightful guide about it here!

 

How Does it Work?

 

Before diving too deeply into the benefits and costs of invoice factoring, it’s important to understand precisely how it works. Essentially, it’s when you’re paid money upfront from a third-party company for your unpaid invoices. It’s then the company’s responsibility to collect them and recoup their investment once they’re due.

 

How is Invoice Factoring Used to Boost Cash Flow?

 

When it comes to operating your business on a daily basis, you need to have a steady flow of cash coming in, as well as going out. Of course, an influx of the former is always preferable. Invoice factoring can help you improve your cash flow and pay for those daily expenses in a multitude of different ways including:

 

  • Providing the capital needed to buy new equipment
  • Enabling your business to invest in advertising and marketing plans
  • Making it easier to purchase product materials from vendors
  • Allowing you to increase your inventory and boost profit margins and sales
  • Making collecting unpaid invoices more efficient
  • Giving you the cash you need for monthly financial obligations (rent, utility bills, etc.)
  • Delivering the stability needed for hiring new employees
  • Helping your business maintain payroll payments each month

 

What Does Invoice Factoring Cost?     

 

Depending on the terms of the agreement with your invoice factoring company, the cost can vary and is a percentage of each unpaid invoice, ranging on average anywhere from two to ten percent. However, many invoice factoring companies will pay you back a portion of this percentage once the invoice has been paid. There are two components to calculating the cost of invoice factoring which include the discount rate and factoring period. The discount rate is how much the company takes from each invoice and the factoring period is the amount of time your customers are allowed by the company to keep their invoices open.

 

Contact us today for invoice factoring and buy now, pay later solutions!

 

Learn more about invoice factoring and buy now, pay later for businesses by contacting us online today or calling 1300 566 229.

5 Business Financing Solutions & When to Consider Them

When it comes to cash flow for your business, there are always ebbs and flows due to various factors. However, if you experience something more drastic it may be time to consider some business financing solutions to help you balance things out again.

 

There are numerous options out there, which is why the team from Selectpay has collected the top five for you here!

1. Convertible Debt Financing

 

Much like it sounds, convertible debt financing is when a group of investors chooses to offer financing to a business with the expectation that eventually, that debt they’re paying off will be converted into a financial profit that they will recoup.

 

2. Invoice Factor Solutions

 

Another great finance option for small businesses or growing enterprises struggling to maintain a smooth cash flow is invoice factor solutions, which is a fast and easy way to receive the cash you need as soon as possible. Invoice factor companies provide you with cash based on your outstanding invoices, which are used as collateral until they’re paid.

 

3. Partner Financing

 

This form of financing solution is when your business works in tandem with a strategic partner, often another similar business in your industry willing to invest in your company. Of course, in return, you’ll need to provide your strategic partner with a portion of the sales, distribution rights, or other assets depending on the circumstances of your arrangement with them.

 

4. Crowdfunding

 

Although it might seem a little out of the ordinary, crowdfunding can be a viable option for some businesses looking to boost their bottom line. However, it’s most often used for newer businesses that want to hedge their bets and take a minimal amount of risk when exploring their financing options. Many crowdfunding platforms enable businesses to raise money and also provide incentives for investors as well.

 

5. Microloans

 

For businesses that need money fast, microloans can be a good option and range anywhere from $2,000-250,000. They’re meant to cover a business’s daily operating expenses like supplies, furnishings, and the equipment necessary to operate a specific enterprise. However, microloans often come with stipulations and restrictions on how the funds can be used.

 

6. Payment Solutions

 

Payment solutions such as buy now pay later, deferred payment terms, and cashflow finance solutions can help you get paid quicker while spreading out the cost of your own supplier invoices. Additionally, you can also offer such solutions to clients so that you get paid in full, on time, and they can pay in terms that suit them.

 

Contact us today for business financing solutions!

 

If you’re in need of improved cash flow ASAP, Selectpay can help. We also offer invoice finance services and buy now, pay later solutions for vendors and B2B businesses. So, contact us online today to learn more, or call 1300 566 229 to speak to an expert.

What is Invoice Finance for Business & How Does it Work?

Maintaining cash flow and keeping up with payroll and other expenses, in addition to managing a business can often seem a little overwhelming. Especially small business, struggle with streamlining cash flow and payment processes, which is why many turn to an invoice finance business like Selectpay for help.

 

Here we offer some insight into invoice finance for small businesses and its benefits.

 

What Exactly is Invoice Finance?

 

In the simplest terms, invoice finance enables B2B providers to remain afloat by receiving cash advances on customer purchases, using their invoices as a form of collateral. For many businesses, invoice finance offers an easier and more reliable solution than applying for bank loans, which often require a portion of your business as collateral and can often take months to be approved.

 

How it Works

 

The invoice finance process is quite simple. Lenders will advance a sizeable portion of your outstanding invoice amount, then when that invoice is paid your business receives the remaining portion from the outstanding invoice. In most cases, invoice finance companies will charge a flat fee of the invoice value, although this percentage may vary.

 

Benefits of Invoice Finance for Small Business

 

For small business, invoice finance has a host of advantages including:

 

  • It’s Efficient: As mentioned above, applying and receiving approval for a bank loan can sometimes take months, whereas invoice finance offers an immediate solution for cash flow issues. In many cases, as little as 24 hours.

 

  • Ideal for B2B Companies: Companies that are B2B or experience a seasonal fluctuation in business and need to scale back, when necessary, will benefit from invoice finance. This is because it alleviates cash flow issues caused by unpaid invoices and enables businesses to keep up with vendor payments.

 

  • Ideal for Businesses of all sizes: Whether you’ve only been going a year and have a small turnover, or you are well established and turnover millions there is an invoice finance service to suit you. Whether it’s to manage temp payroll, fund large projects, purchase stock or simply stabilise cash flow invoice finance has got you covered.

 

Contact us today for more info about our invoice finance solutions!

 

Learn more about invoice finance for small businesses and buy now, pay later services by contacting us online today or calling 1300 566 229.

5 Benefits of Buy Now, Pay Later for Business

When you’re a business struggling to keep ahead of the competition and remain profitable, your cash flow processes are likely at the forefront of your mind. Although it isn’t always easy, there are a host of solutions when suffering from cash flow issues, the leading being buy now, pay later (BNPL) services for business and merchants.

 

Here were go into five of the leading benefits the BNPL for business solutions from Selectpay can offer you!

1. Incremental Sales

 

One of the leading advantages of using BNPL for merchants is that it can enable your business to offer incremental sales without having to suffer financially if customers fail to make their monthly payments on time. Offering sales in instalments can help attract new clients and employing third-party BNPL solutions means you receive the money upfront without having to worry about tracking down late payments.

 

2. Improve Your Customer Base

 

As mentioned above, BNPL is a great way to improve your customer base because customers concerned about product/service prices can easily convert their payments into easy monthly/weekly instalments.

 

3. Inventory Oversight

 

Maintaining a clear view of your inventory, when you need to restock, and what items are selling best is key to keeping your business successful. BNPL for business services can help provide more insight into your inventory at the granular level by providing B2B business with the opportunity to buy in larger amounts, which prevents excess stock and greater oversight.

4. Optimise Cash Flow

 

Cash flow is what your business relies on to pay its bills, payroll, and other unforeseen expenses each month and BNPL solutions can help optimise it. You’ll receive the cash from all orders upfront, whether it was purchased via instalments or in bulk, meaning you’ll never have to worry about not having enough in your rainy-day/payroll fund to cover expenses.

5. Build Long-Term B2B Relationships

 

BNPL solutions help you build long-term relationships with your customers by making the payment process easier and providing them with more payment options. It will communicate to them that their business is important to you and you’re doing everything you can to serve their best interests.

 

Contact us for BNPL for business and merchants today!

 

Selectpay will work with you to find the right BNPL solution for your business. Additionally, we also offer invoice finance solutions, so contact us online to learn more or call 1300 566 229 today!

Invoice Finance or Traditional Loans – Which is Right for Your Business?

Whether you are a start-up trying to get on top of your cash flow or a well-established business wanting to ensure that vendors are paid on time, there are two primary solutions you can turn to: invoice finance or traditional bank loans. However, there are some distinct differences between the two, and one might be better than the other depending upon your business.

 

That’s why the team from Selectpay has collected some important information about both the options here.

 

Invoice Finance

 

In the simplest of terms, invoice finance enables business to access cash flow immediately by getting a third-party company like Selectpay to fund their outstanding invoices. There can be a host of benefits such as:

 

Immediate Approval Process:

Unlike traditional bank loans, the invoice finance solution by Selectpay helps you access your unlocked cash quickly and seamlessly. The approval process takes as little as 5 minutes with no financial documentation required up to a $75k approval limit*

 

*Documentation required for limits over $75k

 

Speed & Flexibility:

With invoice finance, you’ll receive the cash you need to pay bills, process payroll, and perform other important tasks immediately. Additionally, the process offers more flexible terms than traditional bank loans.

 

Enhanced Cash Flow:

You’ll have immediate access to the money you need to improve your company’s cash flow, as well as scale your business should you choose to.

 

Traditional Bank Loans

 

Unlike invoice factor solutions, traditional bank loans often require some sort of collateral, such as your business assets, to receive cash. Additionally, there are often exorbitant fees involved and other disadvantages such as:

 

An Extensive Approval Process:

Traditional bank loan approvals often take weeks to months, making it a difficult solution for business needing to address their cash flow ASAP.

High Interest Rates & Fees:

When using a traditional bank loan, you’ll be subject to fluctuating interest rates and bank fees. Depending on the loan, often interest will be chargeable on the whole principal of the loan .

 

Contact us today for invoice finance solutions for small business, and more

 

If you’re looking for an effective way to manage your cash flow, Selectpay can help. Contact us online today for more information or call 1300 566 229.

BNPL for B2B Companies

Buy now pay later (BNPL) for business is becoming increasingly popular nowadays. This is because companies of all shapes and sizes are looking to gain greater financial insight and control of their cash flow processes. It enables merchants to get their cash sooner and customers to receive their goods and services without having to worry about their cash flow.

 

Merchants don’t have to wait for invoices to be processed by their clients. As soon as the client provides the invoice to a BNPL provider like Selectpay, the merchant gets the cash upfront. On the other hand, the customer gets the flexibility to pay for the invoice over a few instalments.

 

We at Selectpay want to talk a bit more about how BPNL for business works and its benefits.

 

What Exactly is BNPL for Merchants?

 

The main takeaway when it comes to BNPL for business is that it gives your client the opportunity to pay your invoice over instalments while, you get paid upfront by a third-party provider like Selectpay.

 

In turn, it gets you the cash you need, without any fees or charges to your business.

 

This can have a host of benefits for B2B companies including:

 

Increased Cash Flow & Flexibility:

When utilising BNPL options for your B2B company’s transactions, you can increase your daily cash flow, making it easier to pay your bills, make payroll payments, and more. It also gives you more flexibility as a business should you choose to scale or begin investing in new products or services.

 

Streamlined Payment Processing:

By enlisting the services of a BNPL company for your B2B transactions, you’ll improve both your payment processing solutions but also reduce administrative burdens for both you and your clients.

 

Risk Management Solutions:

Tracking down late payments can be costly and time-consuming, especially if customers refuse to pay for one reason or another. However, rather than your B2B company taking the risk upon its shoulders so to speak, your BNPL company assumes this risk.

 

Improved Supplier Relationships:

As a supplier, you can improve your relationships with your customers by providing them goods or services ASAP while giving them the option to pay in instalments. As a customer ensuring that your vendors are paid on time by your BNPL provider, you can avoid costly late fees.

 

Contact us today for BNPL for business

 

If you want to reduce the lag between payment processing, streamline your operations, and have the cash flow your B2B company needs to grow, we can help. Contact us online today or call 1300 566 229.

Finance’s Role in the B2B Experience

As a B2B business, you rely on cashflow management to provide the very best services to your clients, as well as to keep your business afloat. However, finance plays a much larger role in the B2B sector than you might think, which is why, business financing experts from Selectpay have collected some insightful information for you here!

Cashflow Management

One of the foremost roles of finance in the B2B sector is cashflow management. When it comes to keeping the lights on, paying the vendors, buying materials, and managing payroll, proper cashflow management is essential. However, for start-ups or small and medium businesses, this can often be easier said than done. Rather than relying on banks for credit lines that have large interest rates, invoice finance can be a great way to improve your cashflow management. This is it lets you access the capital you need upfront without relying on your clients.

Risk Management

Another way to have proper financial controls in place that can benefit your B2B business is by providing solutions for risk management. In such an unpredictable economy, with inflation and various other factors affecting businesses, there’s no guarantee that B2B partners or clients will pay their invoices on time. However, business financing solutions like buy now, pay later can ensure that your business as well as your clients receive the capital needed to keep the lights on.

Forecasting & Strategic Planning

It’s difficult for a B2B business to plan for the future if it’s struggling to get a handle on the cash coming in and going out each day. That’s why business financing is so popular. It enables companies of any size to scale their business as they see fit and provides them with the financial resources, they need upfront.

How Selectpay business financing solutions can help!

Our buy now, pay later and invoice finance solutions are perfect for your business as well as your B2B clients . One one hand, Selectpay’s buy now, pay later solution enables your clients to pay in instalments while paying you upfront. And, on the other end Selectpay’s selective invoice finance service pays for 85% of your invoices upfront so you or your clients have the necessary cash to remain competitive.

Learn more about our cashflow solutions by contacting us online today or calling 1300 566 229.

Invoice Finance – The Key to Managing Cashflow

It doesn’t matter if you’re a start-up or a Fortune 500 company, managing your cashflow effectively is one of the best ways to get the most returns. Invoice finance has a host of benefits to help you and your clients. It provides you with the cash you need to keep your business running smoothly as well as the backing you need to deliver outstanding customer experience.

Here Selectpay provides some of the advantages of using invoice finance to manage cashflow!

The Advantages of Invoice Finance

Invoice finance, sometimes also referred to as invoice discounting, provides a host of advantages to help your business run more smoothly and efficiently, giving you the cash you need when you need it. Some of the key benefits include:

Better Cash Flow: As mentioned above, invoice finance can take care of all your cashflow problems by providing you with the capital upfront that you need to make vendor payments, purchase supplies, and more.

Quicker Money: Rather than waiting for your client’s payments to be processed before you buy supplies, initiate payroll processes, and pay outstanding vendor payments, invoice finance gives you the cash you need ASAP. Once setup, it can help by financing your invoices seamlessly, freeing up valuable time and resources.

Quicker Growth: If you’re trying to grow your business, invoice finance can accelerate that growth by enabling you to expand your business – without having to rely on client payments for scaling your business.

Tips for Making the Most Out of Your Invoice Finance Solution

 To get the best out of your invoice finance service there are some things that you can keep in mind to make the whole process easier – including understanding your business’s needs upfront.

  1. Prioritise your cashflow needs;
  2. Keep an eye on your company’s spending;
  3. Gain better oversight on what your business needs to keep the focus on;
  4. Keep all staff members in the loop when it comes to cashflow needs; and
  5. Not relying on client payments to clear before you make payroll payments and other necessary decisions for your business.

How Selectpay’s Invoice Finance Solutions Can Help Grow Your B2B Business

 At Selectpay, we offer holistic invoice finance solutions to help scale your B2B business. We help you grow and keep up with your competition by covering your business’s payments. We do this by providing up to 85% of your outstanding invoices upfront, without the waiting period commonly associated with invoice processing. Additionally, Selectpay also enables you to choose the terms on which your clients pay you.

To learn more about our invoice finance solutions, contact us online today or call 1300 566 229!