FundTap
In 2010, Fundtap entered the invoice factoring and finance industry. As the industry evolved, they recognized that traditional factoring was no longer able to meet their clients’ needs. To make cash flow finance more straightforward, convenient, and fast, Fundtap was created. Currently, Fundtap is active in Australia and New Zealand, working to revolutionize the traditional finance approach so that small businesses can get their funds immediately to reach their goals and expand.
Products on offer
| Product | Rate (p.a.) | Loan Amount | Term | Establishment Fee | |
|---|---|---|---|---|---|
| On-Demand Finance | 4% – 6% of invoice value | $1,000 to $100,000 | Up to 60 days | None | Go to site |
Unlock Business Cashflow with Fundtap
For small to medium-sized enterprises (SMEs) access to cashflow is king for business growth. Conversely, many SMEs have issues with delayed payments from their clients. It’s in this space, looked after by small business lenders that Fundtap is a fantastic solution for invoice financing.
Who are Fundtap?
Fundtap are headquartered in Nelson and operate in New Zealand and Australia. They specailise in invoice financing to New Zealand and Australia SMEs.
What does Fundtap do?
Fundtap use their innovative technology platform to increase your business short-term cashflow. Customers can turn their outstanding invoices into immediate cash which can then be used to grow and run your business.
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How does Fundtap Invoice Financing Work?
Here’s the steps to get invoice financing in a matter of hours
- Setup an account and follow the steps below, you can watch a demo on the Fundtap website.
- When you setup your free Fundtap account you will also authorise connection to your accounting system
- Once you’re approved you can select invoices to finance and Fundtap shows you the charges per invoice.
How much does Fundtap Invoice Financing Cost?
The fees are straight forward, transparent and flexible to apply on a invoice by invoice basis.
- Fundtap fees start from 4% of the invoice cost, but this varies per customer. Compared to general business loans interest rates in NZ, this is hugely competitive.
- There are no sign-up fees, administration fees, documentation fees, early repayment fees, monthly or annual fees.
- The only fee you pay is for the funding you receive and you see this as you select invoices to fund.
Who is eligible?
To be eligible to use Fundtap invoice funding you will need to comply with the conditions below. However it’s free to open and account and have your business assessed, which you can do here.
- Be a New Zealand or Australian based business.
- You must invoice for goods or services
- Been operating for a minimum amount of time with an appropriate monthly turnover
Keypoints about Fundtap Invoice Finance NZ
Fundtap have leveraged technology and knowledge of business finance to create a first rate invoice financing solution. The result is that Fundtap really standout among small business lenders to be your partner in business growth. Some key points we believe you should know.
- You don’t need to change the bank account your client pays into. Your customers pay you as they normally do. Fundtap then direct debit your account once your customer has paid.
- You use Fundtap when you want to. Select individual invoices to be funded and immediately see all charges that apply.
- You can repay early and there are no extra charges. Fundtap will recalculate and reduce your fee to reflect the reduced time.
- Fundtap can accommodate your customer paying late. It’s as simple as logging in and changing your direct debit date (and it will recalculate the fee).
- Setting up a Fundtap account does not affect your credit rating as they buy your invoices as opposed to lending you money. Hence your ability to borrow from your bank is not affected.
- Fundtap does not have any contact with your customers. Your customer does not know you are using FundTap to bring forward funding to secure your business cash flow.