Gone are the bad old days of invoice financing, as brokers achieve better outcomes with modern alternatives. See what’s driving the push towards better finance solutions.
Borrowing money against unpaid invoices makes a lot of sense for most businesses, and whilst there are some outstanding modern solutions around today, that hasn’t always been the case. In the past, there’s been a stigma attached to “traditional” invoice financing in Australia compared to European markets. The negative perception was largely due to some questionable lending practices and unsuitable products that burdened businesses with hidden fees, concentration restrictions and long contract periods. In many respects, customers were paying for the inefficiencies of “traditional” finance products that were very hands-on and labour intensive. Thankfully, technology has changed all that, which is great news for finance brokers who’ve been asking for an invoice financing product that’s easy to use and helps them place more deals, whilst offering competitive upfront and ongoing commissions.
Waddle set out to create a simple, transparent and functional product for businesses, and they’ve succeeded in bringing an age-old finance principle into the modern era. They’ve innovated and automated to remove the inefficiencies associated with “traditional” invoice finance products, significantly reducing costs which paved the way for better payment terms and pricing. Waddle’s seamless integration with cloud accounting platforms also removes 90% of the administration time compared to other lenders. Gone are the days of uploading invoices!
Waddle offers a true line of credit more akin to a bank-overdraft, giving the client freedom to view in real time their available funds. Furthermore, Waddle offers simple rates which are only calculated on what the client borrows. That means there are no fees or charges on the face value of invoices or total turnover, and there’s no minimum spend or contract periods, and that’s got to be better for business.