Earlypay launches its low-doc solution to assist small businesses with access to invoice cash flow.
The Australian business finance solutions provider unveiled its new solution this week to assist businesses facing an unprecedented maelstrom of late payers, rising interest rates, supply chain delays, soaring costs, labour and skills shortages and market volatility.
The company’s AI-powered low-doc invoice finance product will allow businesses to tap into their customer invoices to improve cash flow.
According to Lee Trego, head of growth for Earlypay, despite the various issues facing businesses, Australia’s economy remains resilient, however, businesses still require help to sure up cash flow during these unprecedented and volatile times
“Our new product will enable businesses to access the financial assistance they need without being forced to jump through undignified and time-intensive hoops simply to unlock funds from their own invoices,” Trego said.
Invoice finance provides businesses with access to the equity in their unpaid invoices in order to generate upfront payments, with the invoices themselves being used as collateral.
The solution will grant businesses access to loans of up to $500,000, with cash being unlocked ‘within 24 hours’.
The solution supports industry-specific automatic pre-approvals, including manufacturing, transport, wholesale, recruitment, equipment hire and security services.
“Business owners don’t need to put up the house or give away equity. Invoice finance is even ideal for businesses with tax debts or other trading challenges,” continues Trego.
“Our new product will now assist even more businesses.”
According to the findings of Xero, late payments are continuing to blow out across Australia.
On average over 50 per cent of all invoices sent by businesses to customers are being paid late by an average of 23 days.
Alongside its cashflow capabilities, the solution also supports debt-collection services, and can be integrated with clients’ existing accounting software.
Trego also explained that given the rise in demand for multi-product finance solutions, Earlypay will now exclusively offer equipment finance alongside its cash flow lending solutions.
“Making this change will enable us to help more businesses with flexible solutions across our suite of offerings. It is clear from our clients that when used in unison, both solutions support sustained business growth.”
Trego cited the effects of the pandemic in the creation of an “unusual set of trading circumstances for businesses” and that it will be the businesses that act quickly to sure up cash flow that succeed over the next 24 months.
Image and article originally from thefintechtimes.com. Read the original article here.