A brand new customer. Thirty six thousand dollars. Twenty four hours.
I am not going to pretend we are this fast all them time, but if you need funds in a hurry you should call us.
In this instance, the deal benefited from our client’s determination, preparation and communication skills.
She also had a customer prepared to bend over backwards to help her.
How it happened.
Our client owns a labour hire company and phoned us on a Thursday with a sound of panic in her voice.
She had wages to pay the next day and no money.
Her biggest customer – a large mining company – had a computer glitch. It failed to pay her invoice.
The money wouldn’t be available until the next pay run in 10 days!
There was no way her employees would wait that long.
She needed funds by early afternoon the next day or suffer a massive loss of face.
Even though our application process is simple she was asking a lot.
She needed to get a pile of info to us.
What we didn’r realise was the strength of her motivation.
She also had a helpful accountant and a debtor both willing to make things happen.
By 4 o’clock that afternoon we had a full application with supporting documents emailed to us.
There were a couple of issues related to company debt. The accountant satisfied our concerns and we approved a finance facility on the spot.
All we needed next was confirmation of the debt by the debtor.
This can be a time consuming process when the debtor is a multi-national company.
At 7 o’clock that evening, we sent an email requesting it confirm payment of the invoice on the next pay run.
We figured the email would be in the commercial manager’s inbox when he arrived for work the next day.
He was more than happy to help. At 11.02 on Friday morning the confirmation arrived.
Half an hour later, we sent funds by Telegraphic Transfer to our client’s account.
She received the money by 1.30 that afternoon and paid her wages.
Less than 24 hours had elapsed since we first spoke with her.
The next time around we were able to provide funds within a couple of hours because she was on our books.
So, what is the secret of obtaining quick business finance?
The following tips seem obvious, but many stumble over them.
- Be completely transparent. Tell us about your business warts and all. This establishes a level of trust that makes it easy to move forward.
- Have all your company documents ready. You will find a list of what we need by reading “How To Set Up An Invoice Finance Agreement“.
- Spell out details of the invoice. Offer evidence that you delivered the work or service for which you are billing.
- Tell your customer what you are doing. Get them on side and ready to help you. Make sure you have the contact details of the person who approves payment of the invoice.
Quick business finance is a promise many finance companies make and few are able to keep.
If you have your side of the equation in order the financier has fewer reasons for delay and can move forward with confidence and speed.