SME funder offers ‘compelling’ broker proposition

Steve Yannarakis, co-founder of InvoiceX, said the company is currently rolling out its Introducer Programme, which offers an upfront commission of 0.50 per cent (plus GST) for any successful introductions, to all brokers.

“The 0.50 per cent commission applies to invoices with a minimum upfront fee of $5,000 plus GST, and is paid once aggregate advances – which are at least equal to the initial credit limit – have been repaid in full,” he told The Adviser.

“We also offer a 0.40 per cent annual trail commission on the amount advanced, calculated and settled monthly. There are no limits on the amount or period for the trail, so if the company is in expansion mode, this can add up to a considerable income stream.

“Our broker proposition is, to our knowledge, the most compelling in the country.”

Mr Yannarakis said the process of opening an account with a new customer is “ridiculously fast”.

“We can provide a yes/no pre-approval over the phone in just minutes. After that, the account can be set up online in as little as 20 minutes,” he said.

“The broker only has to provide the introduction and we do the rest. Senior people are fully accessible to the broker to help explain how it works and what is involved. The broker does not have to deal with a call centre or fill out reams of paperwork, and the whole process is tracked online.”

Mr Yannarakis said InvoiceX has been working with brokers since forming just over two years ago, and believes they are central to the process of helping SMEs access finance efficiently and on fair terms.

“It is very often the case that residential mortgage brokers come across ambitious business owners wanting to grow. There are thousands of businesses around the country in need of growth capital,” he said.

“So if these businesses have exhausted their real estate security, don’t want to be associated with factoring and can’t or don’t want to relinquish equity, then what InvoiceX offers could be the ideal solution.”

Mr Yannarakis added that InvoiceX is in the process of becoming accredited with the MFAA, and will be briefing members about its new offering on Thursday in Torquay, Victoria.

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[Related: The opportunity for brokers to show SMEs the way]