FAQS

What is Selectpay?

Selectpay is a finance company offering Buy Now Pay Later solutions for businesses, to help smooth out their cash flow requirements. We offer businesses the opportunity to pay invoices in 4 equal instalments.

How much does it really cost?

With no application fee or ongoing admin fees, a simple per instalment fee of 1.0% of the invoice value is charged for the 4-instalment payment plan. Meaning 4% in total.

How much cheaper is Selectpay than competitors?

Selectpay aims to always offer the best pricing possible. We are not in the market to simply beat others on price alone. We strive to offer the best overall package with the best customer service and best in class solution.

How long until the business is approved?

Once all documents have been signed and returned, approval will be the same day, provided the credits checks are approved.

Is Selectpay available to me as a recruiter?

We provide payment plans for all types of businesses conducting B2B transactions.

What is the criteria for the business credit check?

The Selectpay application simply needs the business ABN.

What is Selectpay’s role?

SelectPay pays the Recruiter within 24 hours of a new candidate commencing work and the Employer elects to use SelectPay and SelectPay then collects the payments later from the Employer that is hiring the candidate in chosen monthly instalments.

Who are the parties to the Selectpay agreement?

The Debtor Agreement is solely between Selectpay and the Employer that is hiring, as the Employer is required to pay Selectpay over the chosen instalment plan. The Recruiter is not included in the Debtor Agreement, as we pay them 100% upfront and there is no recourse back to the Recruiter.

There is an application form and Offer to Purchase Agreement between Selectpay and the Recruiter.

What percentage of my recruitment/consulting fee does Selectpay take?

Nothing! We pay you 100% of your invoice value.

Is Selectpay available for permanent and temp placements?

Please contact our team on 1300 566 299 to discuss such opportunities with one of our partners.

What is the invoice amount I can process on Selectpay?

Selectpay can fund invoices of any value.

How does Selectpay fund these invoices?

Selectpay has a wholesale debt funding facility with an Australian bank. Between Selectpay and our sister company TIM Finance we have funded over $850 million to $970 million of invoices over the last 7+ years.

Does Selectpay only provide funding to the recruitment industry?

No. Selectpay offers buy now pay later solutions across several B2B sectors. Feel free to email or call us for further details.

Where is the business located?

Selectpay’s head office is located in Sydney, but we service clients across Australia.

Can Selectpay take on old debt?

No. SelectPay can only finance current invoices for employees that have yet to commence their role. We are not debt collectors.

What if a business fails the credit check? Can Selectpay still work with them?

In some cases we are able to as there are many reasons why a business may fail the credit check. We encourage every business to apply even if they know there is adverse information.

Will recruitment companies still need a collections department? If so, what will they do?

Not every business customer will want to use Selectpay. For those companies that don’t and for temporary and labour hire invoices, they will require a collections department to chase unpaid invoices.

Can we be flexible with first payments to suit clients creditor payments?

Yes, however the recruiter will only receive their commission when the first instalment is received.

What is the process I take if I'm going to miss a repayment?

You should contact us on 1300-566-229 or hello@selectpay.com.au at least 3 days before the payment is due to notify us. We can extend your payment date by a maximum of a few days, once within the payment plan.

Do you provide statements detailing all invoices that SelectPay is funding?

Yes this is available on request. SImply contact SelectPay customer support or your Account Manager.

If I am funding more than one invoice, will each have its own fees attached?

Yes, repayments are based on an invoice by invoice basis.

Are there any other fees that apply?

No. All our fees are fully disclosed upfront including, banking fees and default fees for missed or late payments.

What security is required?

Our security is over the business and its invoices, your personal credit file is not relevant.

How are repayments deducted from my bank account?

Repayments are made via direct debit orders from the nominated account or credit/debit card provided when signing up.

Do you provide statements reflecting repayment history and loan balance/s?

You can find your current loan balance on your online dashboard, alternatively you can request this from your SelectPay Account Manager who will email it to you.

How does this service compare to other BNPL providers?

Selectpay offers the simplest, quickest and easiest process with the least paperwork in the market. We offer the widest range of repayment terms, there are no lock-in contracts or hidden fees. We have been funding business invoices for over 6 years across many sectors and our interest fees are very competitive.

How long are the repayment terms?

4 equal monthly instalments.

Will Selectpay fund any invoice value I submit?

Selectpay can fund invoices of any value.

Are there penalty fees for missing repayments?

Yes. A late payment fee of 4% per month is charged if a direct debit is rejected and not resolved within 3 business days.

Is there a minimum or maximum number of invoices I can send for funding to Selectpay?

No, we can do as little as one invoice and there is no maximum (subject to business credit check).

What happens if the candidate resigns or underperforms within the 3 or 6 month probation period?

We will follow the contractual agreement between the recruiter and the Employer. As the Recruiter will have been paid 100% of the invoice value by Selectpay, if the candidate underperforms or resigns within the replacement period, then the Recruiter is obligated to replace the candidate at no charge and the employer is still obligated to continue with their repayment plan until complete.

How quickly will Selectpay transfer the funds to me?

You will be paid 100% of your invoice within 24 hours of your client paying their first instalment.

Can we add Selectpay straight onto an invoice?

Yes you can. Simply speak to your account manager to get this organised.

As a recruiter, how do I use Selectpay to fund my invoices?

You should notify your existing clients and prospects that you are partnering with Selectpay. All your invoices can include the Selectpay details and link to the instalment offering. Our Selectpay customer service team will assist you wherever needed to get your business as a recruiter onboarded so that all future invoicing’s run smoothly through Selectpay.

How will I know if Selectpay has processed the invoice issued to my client?

Selectpay will pay you 100% of the invoice amount due to you within 24 hours of Selectpay receiving the first instalment from the employer. You are welcome to contact our customer service team on 1300-566-229 or hello@selectpay.com.au to enquire if and when payment has not been received, should the funds not be in your account on the expected due date.

If commission is paid straight away and payment is missed, how do you get it back?

Commission is paid 24 hours after the client pays their first instalment. Selectpay then takes on the credit risk of the Employer making payment.

What documentation is required for approval?

We only need basic company details (ABN; Address; Directors names etc.). No financial information is required. The process can be completed in less than 2 minutes.

Which Employers are eligible for Selectpay?

Your business has to have an ABN to qualify.

Does Selectpay run credit checks on my business?

Yes, but only after receiving consent from you that you will be proceeding with the Selectpay payment option.

How long does the credit check take to complete?

Less than 5 minutes.

Does the credit check and using Selectpay affect my businesses credit score?

No it does not affect the business credit score.

When is the first instalment payment required?

The first payment is to be made on or before the start date of the new employee, then all future repayments are made 30 days thereafter as per your agreement with Selectpay.

Can I change my repayment schedule?

Payment plans can not be changed unless you want to pay your invoice in full, the full interest will still be applicable.

Is it possible to pay the outstanding balance off sooner than required? Are there any penalties?

Yes you can. Contact your Selectpay Account Manager and we will amend your payment date. There are no extra charges or fees for this.

Does it affect the business credit rating if a payment is missed?

Selectpay understands that every so often payments may bounce or a business has under budgeted for the month. In this case the business should contact Selectpay. If a business misses payments on an ongoing basis and does not rectify the situation, then a credit default may be recorded.

What is the process I take if I'm going to miss a repayment?

You should contact us on 1300-566-229 or hello@selectpay.com.au at least 3 days before the payment is due to notify us. We can extend your payment date by a maximum of a few days, once within the payment plan.

Do you provide statements detailing all invoices that Selectpay is funding?

Yes this is available on request. SImply contact Selectpay customer support or your Account Manager.

Who is liable if the Employer defaults on the payment plan?

The Employer that is hiring is 100% liable for any outstanding amount. The Recruiter is not liable.

What if the Employee resigns or underperforms prior to the payment plan coming to an end?

The obligation remains to continue paying SelectPay for the remaining instalments. If the Recruiter/ Recruitment Agency terms allow for a refund or replacement guarantee, they will be obligated to provide this to the Employer/Company that is hiring. Under no circumstances should you stop paying or cancel the debit order.