Surge in Invoice Financing as Covid Affected Businesses are Forced to Pay Up

New data from OptiPay has revealed a two fold increase in enquiries, when compared to last year, in the number of businesses requesting invoice financing.
Invoice Financing (or debtor finance) is a revolving Line of Credit against unpaid invoices, to improve business cash flow, after the ATO announced it was resuming tax debt collections.

OptiPay, formerly TIM Finance, one of the major players in the industry, has seen numbers spike since the announcement was made in February.
Angus Sedgwick CEO at OptiPay says they are seeing the biggest interest coming from manufacturing and wholesale trade industries, as invoices are still taking on average 15-20 days past the due date to be paid, compounding cash flow issues.

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