Most lending institutions will take weeks to approve your finance application and put money in your account.
We’ll never take that long.
We make quick decisions and act on them because we understand that, for many businesses, timing is critical.
That was certainly the case when a labour hire company approached us desperately needing cash to pay wages.
The client phoned us on a Thursday with a sound of panic in her voice.
She had no money in the bank and her biggest customer – a large mining company – had experienced a computer glitch and failed to pay her invoice.
The money wouldn’t be available until the next pay run in 10 days!
There was no way her staff would wait that long.
She needed $36,000 by early afternoon the next day or suffer a massive loss of face.
Even though applying for invoice finance with us 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 sheepish customer 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 that the money due and would be paid in 10 days time.
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.