Key Factors Invoice Finance
- Upfront Fee
- $0
- Max. Loan Amount
- $3,000,000
Summary
Get up to 80% of your unpaid invoices financed. Fees include service costs and legal fees.
Invoice finance, also known as debtor finance, allows you to unlock the capital that's tied up in your unpaid invoices by borrowing money that is secured against the value of your invoices. This means that you have consistent cash flow when you need it without having to secure loans against your assets or fill in any heavy-duty paperwork. With Key Factors, you can fund up to 80% of your unpaid invoices, with the remaining 20% (minus fees) transferred to you when the client pays. Costs include a service cost of 1.4% for the first 14 days and 0.1% per day thereafter, for up to 90 days.
Main points to consider with Key Factors Selective Invoice Finance
To apply for Key Factors finance, your business must be a B2B industry that makes sales on credit terms (i.e. invoices for goods or services received). Companies that partner with Key Factors have a turnover between $500,000 and $3 million. Key Factors will assess your business credentials in order to evaluate how eligible you are for finance, and approval will take up to 48 hours, but you could get funding in as little as 4 hours.
Key Factors has expertise in the following sectors:
- Recruitment and Labour Hire
- Manufacturing and Wholesale
- IT and Business Services
- Earthmoving and Mining
- Transport and Logistics
If you would like to find out whether you qualify for finance from Key Factors, simply submit your name and business data via its website or visit one of its branches in either Sydney, Perth, Melbourne or Brisbane.
What are the features and benefits?
There are a number of features and benefits to using Key Factors as your invoice finance provider:
- 48-hour approval. Key Factors offers a quick approval time.
- Quick funding. On verified invoices, you can expect your funding in less than 24 hours and even in as little as 4 hours.
- Not owned by banks. Key Factors is an independently owned company.
- Physical branches. If you prefer to speak to someone face-to-face, Key Factors has branches in several major cities.
- No-lock-in contracts. Key Factors offers full flexibility. You are under no obligation to factor all of your invoices – just the ones you choose.
- No security. Funding is secured against your invoices, not any assets that you may own.
- No minimum volume. Only get the funding that you need.
- 80% of invoice funding available. Get 80% of your pending invoices funded. The other 20% will be transferred to you upon client payment, minus Key Factors' fee.
- No monthly fees. There are no recurring monthly fees with Key Factors Finance.
- No annual fees. No annual fees required, only pay for what you borrow.
Fees and charges
- Legal fee. On approval, should you wish to accept the contract, a base legal fee of $1,750 applies.
- Discount fee. You will be charged a discount fee on what you borrow. This will be determined based on your circumstances and the life of the loan.
Discount fees explained:
'Invoice discounting' is another term for invoice financing: borrowers are allowed to borrow a discounted amount of cash upfront (usually 70%-90%) in exchange for the value of their invoice. A 'discount fee' works in the same way as bank interest. It is the cost calculated upon the percentage of their invoice value that is charged for the lending service.
A 'discount fee' is used as an alternative to p.a. interest rates for many invoice finance providers, as these providers usually offer shorter term loans than other lenders, and the value of these loans are specifically dictated by borrower invoice values. This therefore often requires a more tailored approach to pricing.
Once a discount fee is deducted from the remaining percentage of an invoice, the borrower is transferred the remainder of the invoice balance.
How you can apply
To apply for Key Factors Selective Invoice Finance, simply click the "Go to Site" button to access the company's website. Before applying, please consider whether you meet the following criteria. You have to:
- Have an Australian ABN/ACN
- Operate a B2B business
- Have a minimum annual turnover of $500,000
A member of the Key Factors team will be in contact with you within 48-hours. Funding takes as little as 4-hours, subject to approval.
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