All up $240,000.00 plus tip!
OptiPay was recently asked to submit a proposal providing a full funding solution for a business requiring $500,000 per month.
On following up the submission we had been advised that the potential client had decided to fund with an alternate provider. Well that’s business, but we did ask why and the prospective client explained that the funder had provided a very sharp deal. This surprised our team because OptiPay had detailed knowledge of the contract and provider and advised that the pricing and terms could not be correct.
A meeting was arranged and the client provided a copy of the terms. No surprise to learn, but the most important clause was buried deep in the convoluted contract, being a “facility fee” of $30,000 per month, plus various other associated costs including an application fee of 1% of the facility limit. Not to mention, a rather significant insurance premium attached, too.
A direct dollar for dollar comparison demonstrated OptiPay was in fact less expensive by $10,000per month, had no lock in provisions, a higher advance rate and OptiPaySecure™ some 45% less expensive.
Whilst the prospective client attempts to extricate themselves from the contract, it is a stark warning that signing contracts over lunch and not taking time to fully review offerings can have a very significant financial downside.
When it is time to review your business funding arrangements then a meeting with a OptiPay expert is time well invested.
Contact OptiPay and learn more about flexible funding today and free up your business to grow.
Who is OptiPay?
OptiPay, one of Australia’s leading business finance providers, has been dedicated to helping small business owners solve cash flow challenges for over a decade and has provided $1.5 billion in business funding to more than 500 Australian businesses. OptiPay specialises in modern financing solutions such as invoice factoring, invoice finance, debtor finance, and lines of credit. OptiPay’s mission is to support business growth providing liquidity in as little as 24 hours, ensuring they have access to tomorrow’s cash flow today. This rapid access to funds helps businesses maintain smooth operations and seize growth opportunities without the stress of cash flow constraints. At OptiPay, we believe that healthy cash flow is the lifeblood of any successful business. Our commitment to helping businesses overcome financial hurdles and achieve their growth ambitions has solidified our reputation as a trusted partner in the business finance sector. Whether you are looking to stabilise your cash flow, expand your operations, or navigate financial challenges, OptiPay is here to support your journey with innovative and efficient financing solutions.
