New Business

How to Pay Supplier Invoices, the Smart and Easy Way

In an ideal world, goods and services are supplied, invoices follow, and payments are made on time. In the real world, not so much.

Xero estimates that almost half of all invoices are settled late. In a study of several million invoices across their 500,000 small business subscribers, they found that almost half of all invoices with 30-day payment terms languished for about 60 days before being paid.

The interruption to cash flow has a deep impact on the obligations of small business owners. More than 40% of retailers report having trouble paying their suppliers on time. That means materials can’t be replenished; orders can’t be fulfilled; opportunities are lost.

Caught in the cycle of non-payment, business slows to a crawl.

There is a better way

As part of the fast-growing specialist SME lending sector, there are new, innovative and cost-efficient ways to pay supplier invoices on time. Non-bank lenders in this space are using technology and innovation to remove the friction in traditional banking transactions.

Take for example, a typical trade finance product like an Import Line of Credit to pay overseas suppliers.

Thanks to improved credit decisioning technology, real-time secure data links and third-party integration that leverages thousands of data points, facilities can be approved in as little as 24 hours.

Usually no financials are required for applications under $100,000, and once approved, your overseas suppliers are paid directly. You can even get access to better-than-banks foreign exchange rates. So making overseas stock purchases at the optimal time need never be a problem.

It takes just 3 simple steps to make sure business never misses a beat.

Step 1: Apply online with end-to-end support

Application details can be entered online – with phone and webchat support also available. After linking your data, a fast credit decisioning processing means you can be approved within 24 hours for facilities up to $500,000.

Step 2: Speedy payment of suppliers

Once your facility is open, you can send your invoices to the lender, who then pays your suppliers directly, usually within 3 business days. It’s that simple.

Step 3: Get on with business

As a true revolving line of credit, this is a product that allows businesses to make repeat transactions, within their approved limit. This means repayments replenish the credit balance and interest is only payable on funds used.

No overseas suppliers? No worries.

If your suppliers are all domestic, there’s an application for that!

In this new marketplace, you will find innovative working capital products and flexible business loans with redraw options that can be used for any business purpose – almost as a quasi-overdraft. Following the same quick and convenient online application process, businesses can access up to $500,000 within 24 hours to pay invoices from local suppliers.

Almost 75% of Australian businesses use external finance to fund growth, manage cash flow and pay operating expenses and suppliers. Competition is breaking down barriers, helping new lenders serve customers in a much faster way with a better experience, more choice and greater convenience.

To learn more, talk to GetCapital, an award-winning specialist lender to Australian SMEs. GetCapital offers fair and transparent financing facilities to mainstream businesses including working capital loans, trade finance facilities, equipment finance as well as property secured loans.

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