Geneva Small Business Invoice Financing (GSBIF) 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 bankaccount 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?
To maintain our transparency and keep things clear and easy there are three charges that are incurred by every facility:
A ONE OFF set up fee of $500 +GST
A monthly administration fee of $75+GST
An annual interest rate of 13% on borrowings
Any request outside of the normal facility may incur extra charges but we will ALWAYS inform you if there are any and giveyou the CHOICE to proceed with the extra request or work with you to enable the request in the normal facility.
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
How do I apply?
Simply complete the form and we’ll contact you from there quickly.
What documents do I need to apply?
You may be asked to provide documents at different stages of the approval process. These can include current and previous 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, and then a 30 day notice period to leave. As with all finance you will be asked to sign an agreement. After the 6 month period there is no early repayment penalty.
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?
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.
Can I have multiple users?
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.