Geneva Capital Invoice Financing (IF) offers modern invoice finance with a level of greater flexibility and automation than most traditional facilities
It integrates with your cloud accounting package and generates a real-time credit limit based on the value of your invoices. You only pay for the funds that you draw down. Your credit limit is adjusted in real-time as invoices are raised and paid.
Customer payments are received into your GSBIF bank account and all payment requests we transfer into your trading bank account and via bank feeds you can reconcile as usual. Best of all you’ll never have to send us an invoice – saving you time to focus on running your business.
What does it cost?
Our prices are determined through a credit application and assessment. We can show you the typical range of costs but each customer is assessed individually.
A ONE OFF set up fee of $1500 +GST – $2500 +GST
A monthly administration fee of 0.5% – 2.5% of turnover
An annual interest rate of between 11% – 14% on borrowings
Any request outside of the normal facility may incur extra charges but we will ALWAYS inform you if there are any and give you the CHOICE to proceed with the extra request or work with you to enable the request in the normal facility. We are also more than happy to provide you with an indicative offer if you need greater visibility on the costs before proceeding. We want the best success for your business so understand this may be required.
Am I eligible?
Our criteria is set. To be able to apply for this facility you need to be:
A business trading with other businesses
Your annual turnover or forecast turnover must be $500,000 or UNDER
Your accounts package needs to be XERO
Your PAYE needs to be up to date or in an agreed arrangement.
You may be asked to provide documents at different stages of the approval process. These can include current andprevious financials, identification of directors, tax and bank statements or invoice supporting documents. We will keep you informed every step of the way.
Why do I need to connect my XERO accounting package?
This is the source of data transference that enables us to fund you quickly and confidentially. It links with our Cloud based system giving you 24/7 visibility on your facility.
Is there a contract?
Yes we ask you stay with us for a minimum of six months however, sometimes things do change and circumstances can mean you need to repay the facility earlier. You must give us one months notice and we can work with you to clear the borrowing.
How do I pay the fees and charges on the facility?
The fees and charges are applied to your facility monthly, when your customers repay the invoices this repays your facility including any fees and charges on an ongoing basis.
How do repayments to the facility work?
Payments from your customers will be directed into the Geneva Trust account in your business name, which we will set up. These payments pay down any existing balance. Your customers will need to be given this new bank account to pay into.
Will you contact my customers?
The facility is a confidential facility. We do not contact your customers.
How is my data protected?
Your data is transferred using industry standard encryption technology. All our employees meet stringent reference, credit and criminal checks and only those with a direct requirement can view your data. Geneva Capital Limited is part of the wider Geneva Finance group and is monitored by the Financial Services Authority in New Zealand for compliance.
How will the facility work?
This is how our Confidential service works.
Your Business sends an invoice to a Customer.
Your Business runs this invoice through the ledger and send a notification to Geneva Capital.
Geneva Capital releases up to 90% of the invoice total to your Business
Your Customer pays the Trust Account owned by Geneva Capital which looks like your Business Account
Geneva Capital squares up the Trust Account
Geneva Capital releases the remaining funds less the charges to your Business
How do I send you invoices to fund?
Just enter them into your XERO accounts package and we can do the rest from there. We also collect the customer detail from there so we can allocate the invoice to the right business – simple.
Can I have multiple users?
Yes you can nominate up to three users on your facility and we will ensure they all have their own separate confidential log in access.
My accounts package is different to XERO can I apply?
Currently we are working on different integrations with MYOB and Sage Line 50. Just contact us directly and we will see if we have the solution for your business.