Finvoices Innovative Digital Cheque can help you, to help your suppliers, through unlocking the value of your Account Payables, or conversely their Account Receivables. Thus, your suppliers cashflow is guaranteed allowing them more financing flexibility to run their business more efficiently!
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Are your suppliers reluctant to give your business credit, long enough credit, or even an increase in your credit?
Would you like to buy more from your suppliers but cannot because of their Insurance Limits or Internal Credit Limits?
Would you like your trading partners to be able to access the value of your outstanding invoices?
How we do this?
Finvoices has created an exciting digital financial instrument, the Digital Cheque which allows you to create value for your suppliers from your outstanding invoices (Account Payables).
Would you like to buy more from your suppliers but cannot because of their Insurance Limits or Internal Credit Limits?
Your business worried about falling foul of the Late Payments rules?
Would you like your trading partners to be able to access the value of your outstanding invoices?
Your suppliers currently have few options to access the value of your outstanding invoices. Typically they can access traditional Overdraft Facilities, Factoring or Invoicing... Discounting. All of which carry a cost, are bureaucratic and may require the supplier to offer security in terms of collateral. Generally all traditional financing products are based on a 12 month commitment and priced as such. Therefore, Suppliers can find it very difficult to manage changes in their cashflow - which in turn impacts on your business too!
Read MoreDigital Cheques
A Digital Cheque allows an Invoice which has not yet been paid to be immediately converted into value through a range options:
Converted into Cash in return for a fee.
Pass the value in full, or in smaller amounts, as a Digital Cheque to one or a number of 3rd parties.
The 3rd party then has the same choices, either:
Cash in
Pass the Value
Take no action and wait for the payment date of the original invoice, at which time they will receive the funds.
DO I HAVE TO UNDERWRITE THIS OR CARRY ANY RISK?
No. Nothing will change for you. You will still have the same legal and ethical duty to pay the invoice to your supplier on time. finvoices in partnership with you will communicate this new service to your suppliers and onboard them onto our platform. If one of your suppliers chooses to use the service then we will inform you and ask you to log into your finvoices Dashboard and confirm your supplier’s invoice on our platform. You are now obliged to pay finvoices the amount owed under the invoice on the due date.
If your suppliers choose not to use finvoices then nothing happens. Just carry on as normal.
