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What is invoice finance and how does it work?

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Would you like to find out about invoice finance? To the uninitiated it can sound quite complicated, but armed with the right knowledge you’ll find it’s a flexible and straightforward solution. We’re going to give you the information you need to answer your questions: what is invoice finance, how exactly it works; the benefits it can offer businesses of different ages and stages; the key needs it meets by industry; and why people prefer it as the finance solution for their company. Ready to find out why invoice finance is becoming so popular?

What is invoice finance?

What is invoice finance?

Invoice finance makes it possible for a company to use money that has been earned but not yet received/paid – so is effectively trapped in unpaid invoices.

To do this, a business sells their unpaid invoice (or invoices) to a finance company. The finance company pays out a percentage of the total value of the invoice – usually between 80 and 90% – and holds on to the rest until the invoice has been paid by the customer. Once the customer pays the invoice, the finance company collects their fee and pays the remainder back to the company.

Why do companies use invoice finance?

There isn’t one specific type of company that can benefit from invoice finance – it can benefit businesses across different industries or stages of development. At the most basic level all you need for it to work is to sell a product or service to other businesses, and to manage their payments through an invoicing process.

Invoice finance benefits companies who:

  • have customers with long payment terms
  • have limited available cash and need to make funds that are locked up in unpaid invoices available
  • deal with seasonal highs and lows
  • have an opportunity to grow but no available cash to support it
  • would like to make the most of early payment discounts
  • are new and/or growing, and can’t access traditional lending facilities
  • have a high concentration of their business with one or more customers.

What are the real benefits of invoice finance?

Invoice finance truly is both flexible and smart. We spoke to some of our customers and referral partners to understand the benefits that they enjoy.

  • There’s no need to borrow more than you require – you can choose to sell one invoice or many in order to meet your needs. This flexibility in funding levels means you can manage your debt carefully and therefore manage your costs.
  • It really is a short term solution so your agreement only lasts until your customer pays the invoice – meaning you can switch it on or off as you need it.
  • It doesn’t matter if your company is just starting up or well established – it can adapt to your circumstances and your needs. This takes away the need to meet extensive traditional lending criteria such as providing real estate security.
  • Your growth does not need to be limited by your asset value. As your business grows so does the number of invoices available to be funded against – so you can take on new business as the opportunities arise.
  • Long payment terms needn’t put you off signing new customers. If you need to get access to cash before your customers pay you – simply sell the invoice to a finance company and you’ll have the funds you need to manage the costs that need to be dealt with now.
  • If you’re experiencing highs and lows of cash flow in seasonal business, invoice finance can be a useful tool to smooth out the bumps and help you stay in control of day to day costs.
  • It’s not always possible to plan for the future. If you face an unexpected cost or loss of funding, invoice finance can be a useful tool to keep your cash flowing until you find the right solution to get your finances back on track.
  • Invoice finance means that you can control the ownership of your business in a way that works for everyone involved. From maintaining balance in partnerships to transferring ownership – invoice finance can be adapted to suit your needs.

How can Invoice Finance benefit different business stages?

Start up business

Funding a new business is a potentially risky investment – it’s acknowledged that over 90% fail before they really have a chance to get started. So getting hold of funding at the start of your business journey can be a very tricky process.

The good news is that once your first invoice has been issued, you can use invoice finance as a way of injecting cash into your business. You’ll get access to the cash you earn faster, giving you the funding you need to invest in equipment, staff, raw materials or goods, and more.

Growing businesses

When your business grows your costs do too – and while the flow on impact is that your sales will grow as well, there’s usually a time lag between paying for the materials and receiving the payment from the customer. How do you manage this gap when costs are increasing and opportunity is knocking at the door? Invoice finance is not constrained by asset based security so as you grow, your potential for funding does too. With access to the cash your business needs there’s nothing to hold you back from seizing new growth opportunities.

Mature businesses

There’s a misconception that businesses in their mature phase no longer come across cash flow shortages. But if you’re floating your business; changing your management structure or partner; or investing in new markets or products, you may find that you’re facing a shortage of cash that’s stopping you from realising your opportunities. Invoice finance can give you the cash flexibility that you need.

How can invoice finance benefit different industries?

When you’re in business you recognise that cash flow challenges can arise because of circumstance, and can also be specific to the industry within which you operate. Invoice finance is a recognised solution across many industries, including: labour hire; engineering; earthmoving; transportation; importing; manufacturing; wholesale; and many more. Clients who choose Fifo Capital cite speed, flexibility and excellent service as three of the reasons they are happy. And they choose invoice finance because they have unique needs that have to be fulfilled. Here are a few examples of the industry-specific benefits of invoice finance.

Importing

Invoice finance is used to: finance an existing order until its arrival in the country; manage costs of stock for distribution; provide finance for deposits and make it possible to meet payment terms; deal with duty and GST costs.

Earthmoving

Invoice finance makes it possible to: manage day to day operating costs; invest in materials for the next contract; have the cash flow required to make taking on a new contract possible; cope with one-off costs such as unexpected maintenance or repair.

Labour Hire

Invoice finance is flexible enough to: manage the divide between cash out and cash in; provide the cash flow tools to make the most of opportunities for growth; support day to day operating costs; boost your funding to manage an unexpected cost.

Transportation

Invoice finance is a good solution for: keeping on top of day to day costs even when on the road; dealing with unexpected one-off costs such as vehicle repair or replacement; paying for a growing fleet with cash released from unpaid invoices.

Wholesale

Invoice finance allows businesses in the wholesale industry to: get the funding they need to be able to take advantage of supplier discounts or best prices; deal with day to day costs; fund growth or new business ventures; move quickly to protect margins.

Invoice finance is recognised by those who use it as an adaptable and flexible solution. Whatever the age or stage of your business, invoice finance can be used to support and meet your needs by boosting your cash flow. Being able to choose which invoice you finance and when, allows you to manage your levels of funding in order to maximise your profitability and control your costs. The flexibility also means that invoice finance can adapt to meet a wide range of needs across different industries. Because of the long list of situations that invoice finance can be adapted to, it really is no surprise that many business no longer see it as an alternative funding solution and instead consider it their preferred solution. If you’re taking the opportunity to get your cash flow under control and would like to talk to one of our experts – call us today on 0800 86 34 36 .

Invoice Finance, Cashflow Solutions and Business Loans

logoFifo Capital are experts in cashflow solutions for small to medium business. Find out more about invoice finance and our fast business loans here:

  • Fifo Capital Franchisee Profile

    Fifo Capital franchisees:
    1. Have developed (through Fifo Capital Head Office training and support) a strong acumen and expertise in business finance solutions; they are expert consultants not vanilla product providers.

    2. Are skilled networkers and understand how to develop and nurture strong relationships with referral partners.

    3. Are highly structured in their development of their business portfolio and inherently understand what it takes to build a successful business and strong returns.

    4. Are focused on assisting New Zealand businesses secure smart business finance, and are client-first in all of their business transactions.

    5. Work collaboratively with other partners in the network to share knowledge and secure client transactions, and understand the individual value that is achieved by a strong group.

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    7. Thrive on this stimulating and growing market.

  • About Fifo Capital

    Fifo Capital provides short-term finance for business. Clients use our services to: (1) solve immediate cash flow challenges, and (2) to access capital needed to secure new opportunities or for business operations.  Since 2004, we have established more than 70 offices across New Zealand and Australia, and provided business owners with over $850 million in growth capital.

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    Central to the solutions we provide is one-on-one consultancy. Our network of finance experts, meet with clients and spend time understanding their business in order to deliver a purpose-fit solution; a solution that solves the immediate finance need, and which is suitable for both the short and longer term success of the business. The complexities of business finance demand the one-on-one approach, and we continually see the value of this in the success of our clients.

    Working in partnership with banking facilities

    Clients seek the assistance of Fifo Capital for a short period of time when their bank is unable to help. Often this is due to their finance needs outpacing the traditional security options available; or where their need requires a response time that cannot be met by their bank. As Fifo Capital finance solutions are designed for these immediate short-term requirements, we can ‘solve the gap’ quickly for the window of time that the client falls outside of their bank’s criteria, for the specific finance need. Working in tandem with mainstream facilities ensures that clients can access funds for short-term business needs, without impacting the ongoing relationship with their bank.

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    We help your clients in two equally important ways: (1) Through the fast (24 to 48 hour) delivery of required funds; and (2) By leading every transaction with one-on-one expert consultancy.

    Fast, flexible product range

    Designed for speed of response and flexibility, and supported by a comprehensive understanding of the security challenges businesses encounter throughout various stages of development and maturity, our finance solutions are designed for finance needs between one and 12 months.

    Invoice Finance
    Suitable for clients requiring assistance for ad hoc cash flow challenges that demand fulfilment within 24 to 48 hours. No fixed term contracts; secured by the value of the invoice/s; and for finance periods between one and three months. Click here for our Invoice Finance Solution Guide.

    Business Loans
    Suitable for clients who have a growth or operational need that requires a capital boost for a period of three to 12 months. Typically, a client has reached their traditional security limit with their bank and is seeking alternative options. Through analysis of business-performance, we identify a complement of security that appropriately services the finance required. Click here for our Business Loan Product Guide.

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    Suitable for clients who either provide large one-off services or products to clients, or who want to attract new clients through cash-flow-friendly payment options. Fifo Capital payments plans enable a client to offer their customers a payment schedule for between three and 12 months.

    We also provide:

    Foreign Exchange
    Fifo Capital partners with leading international payments specialists HiFX to provide clients with a simple, secure way to send and receive international payments at preferential foreign exchange rates. Services include: Exchange Contracts; Spot and Forward; Multi-Currency Accounts; Market Orders and Currency Options. Click here to find out more.

    Expert consultancy

    With over 10 years supporting businesses, we know the value of expert, one-on-one consultancy. While new technology has spurred the advent of finance-online, we’re committed to pairing clients with a finance expert. Of course, we’ve embraced technology to hasten our processes and response times, and to continually enhance the experience for our clients. But the complexities of business finance, do and will continue to, require one-on-one interaction with an expert to achieve the best result, specific to the client’s needs. The value is in the results.

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  • Anti-Spam Policy

    What is spam?
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    We may disclose your personal information to third parties.
    In the event that we, our franchisees or our master franchisees sell or buy any business or assets, in which case we or our franchisees or our master franchisees may disclose your personal data to the prospective seller or buyer of such business or assets.

    If Fifo Capital International Ltd or substantially all of its assets are acquired by a third party, in which case personal data held by it about its customers will be one of the transferred assets.

    If we or our franchisees or our master franchisees are under a duty to disclose or share your personal data in order to comply with any legal obligation, or in order to enforce or apply our terms of use (www.neromotion.com/fifonz/terms-and-conditions/) and/or any other agreements; or to protect the rights, property, or safety of Fifo Capital International Ltd, our customers, or others. This includes exchanging information with other companies and organisations for the purposes of fraud protection and credit risk reduction.

    Where we store your personal data
    The data that we collect from you may be transferred to, stored with, or processed by our suppliers, our franchisees, or our master franchisees. Such staff maybe engaged in, among other things, the fulfilment of the provision of services to you and the provision of support services. By submitting your personal data, you agree to this transfer, storing or processing. We will take all steps reasonably necessary to ensure that your data is treated securely and in accordance with this privacy policy.

    All information you provide to us is stored on our secure servers. Any payment transactions will be encrypted. Where we have given you (or where you have chosen) a password which enables you to access certain parts of our site, you are responsible for keeping this password confidential. We ask you not to share a password with anyone.

    Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our site; any transmission is at your own risk. Once we have received your information, we will use strict procedures and security features to try to prevent unauthorised access.

    Your rights
    You have the right to ask us not to process your personal data for marketing purposes. We will usually inform you (before collecting your data) if we intend to use your data for such purposes or if we intend to disclose your information to any third party for such purposes. You can exercise your right to prevent such processing by checking certain boxes on the forms we use to collect your data. You can also exercise the right at any time by contacting us at [email protected]/fifonz.

    Our site may, from time to time, contain links to and from the websites of our partner networks, advertisers and affiliates. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

    Access to information
    The Act gives you the right to access information held about you. Your right of access can be exercised in accordance with the Act. Any access request may be subject to a fee of $10 to meet our costs in providing you with details of the information we hold about you.

    Changes to our Privacy Policy
    Any changes we may make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail. Please check back frequently to see any updates or changes to our privacy policy. This privacy policy was last updated on 18 August 2015.

    Contact
    Questions, comments and requests regarding this privacy policy are welcomed and should be addressed to Fifo Capital International Ltd, PO Box 137375 Parnell, Auckland 1151, New Zealand, [email protected]/fifonz.

  • Nigel Thomson

    Founder and Head Thinker

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  • Terms and Conditions

    Fifo Capital understands time is critical when it comes to managing your cash flow – so our process is aimed to be as simple as possible.

    A Fifo Capital facility approval typically takes around 24 hours to set-up and depending on the required information supplied by customers, transfer of funds can take place in as little as four hours.

    The following covers the terms and conditions required for a four hour funds transfer to take place;

    1. Fifo Capital will tell the proposed client if the application is successful to receive funding. We can accept or reject the application at our sole and absolute discretion. If we accept the application the cash flow finance services will be provided solely in accordance with the documents we agree with the proposed client.
    2. Fifo Capital reserves the right to reject previously approved applications without notice and/or consultation.
    3. Fifo Capital’s application consists of a number of forms, however, not limited to fully completed and signed; Application, Receivables Finance Facility Terms and Conditions, Guarantee, Offer to Sell, and Privacy Consent forms
    4. To be eligible for a four hour funds transfer in relation to an approved application, the proposed customer must request or apply to Fifo Capital in writing before 12 noon on the same business day. Such a request doesn’t guarantee the transfer will take place or funds cleared in the customer’s bank account within the four hour period.
    5. Should a four hour funding transfer request be approved, such a transfer can only be facilitated on a business day. A transfer request is not available on public or bank holidays, or weekends.
    6. Four hour funding transfers may incur a fee as detailed within the application.
    7. Fifo Capital’s aligned banks or financial institutions have the right to reject a four hour funding transfer request. Fifo Capital and its aligned banks are not liable for any loss or damages resulting from a funding transfer request not taking place or funds being cleared within a four hour period.
    8. Fifo Capital is a franchise business operation. Fifo Capital NZ Ltd is the master franchisee and is therefore not responsible for the actions or inactions of its franchisees in relation to any funds transfer timing.
    9. Fifo Capital is not responsible for any loss or damages incurred or to be incurred by the would be or existing customer should a transfer not take place within or cleared funds not be received within a four hour period.

    To find out more about the full terms and conditions relating to our 4 hour funds transfer please contact Fifo Capital on 0800 86 34 36