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OptiPay is Australia’s leading provider of flexible funding solutions for Australian businesses. OptiPay thinks outside the box to find a funding solution that will work for your business.
This is Paul, he is one of the directors of UVS, a labour-hire provider to the construction industry. Here’s what he has to say about how OptiPay was able to help his business grow and succeed. Contact an OptiPay expert today to see how we can help you.
When your business delivers goods or services to your customers and you raise invoices for these goods – this allows a funder like OptiPay to advance you up to 90% of the invoice value/s within 24/48 hours, instead of waiting 30 to 90+ days for your invoices to be paid. It’s similar to offering a discount on your invoice to a customer if they paid you ”cash on delivery”, but as we know, offering customers discounts to speed up payment rarely works.
With OptiPay, you are able to finance your invoices and raise funds for your business without the need to give any property security. It’s simple, fast and the amount you can access will grow, as your business grows and you invoice more.
When you apply, we will assess the risk profile of your business and provide you with a customised offer including the facility amount, term and discount rate. The charges will vary based on things like your industry, how long you’ve been in business, the profile of your clients and the health of your business.
We do not charge any upfront origination or application fees. There are no hidden fees for our funding solutions, and you’ll know exactly how much you need to pay and when. Unlike a business loan there is no principal and interest payments as we are not providing you with a loan, we are simply advancing you, your money based on the value of the invoices you have issued to your customers, which we charge a small discount fee on. This fee can range from as little as 0.75% to 3.5% of the value of your invoice. Think of it as giving an early settlement discount to a customer for them paying you in 24 hours – same concept.
If you wish to receive your individualised rate from OptiPay, please call us on 1300 694 686 or complete our easy online application.
In short the answer is no!
OptiPay considers the health of a business to determine creditworthiness and more specifically your debtors ledger.
This is probably one of the biggest misnomers in Australia, and cannot be further from the truth. If anything your customers would have comfort knowing that you have a financial backer, providing you with the funds required to purchase your stock, pay your wages etc in order to deliver your goods on time and as expected. In fact it should provide them comfort that you are getting financial stability.
This notion is the old perception of factoring – which many years ago was provided to businesses going backwards. TIM Finance does not provide factoring solutions.
Most large business have loans from their banks and overdrafts, if you knew they had such debts would you feel uncomfortable, probably not as it means they are optimising their balance sheets (like you) by utilising 3rd party funds themselves to keep growing. In the UK and USA, invoice financing is the go-to funding solution for small and medium and even large businesses, due to its flexibility, cheap funding costs and ease of use.