Are you considering invoice discounting and invoice factoring from Working Capital Finance? With our service, you get immediate cash for your insurance invoices for your completed that you can spend on parts and services. This is a smooth and hassle-free service that creates extra cash-flow without any hidden costs for you.
We simply take a small percentage of the total invoice or a flat fee and send the rest of the money straight to you. Here’s some more information on the low costs involved in invoice factoring.
What Are the Costs?
We deduct a single fee from the invoice that we buy from you. Our single cost is the higher of:
- A flat fee of 1.6% of the invoice value if the repair invoice is larger than $20,000
- If the insurance repair invoice is less than $20,000 the flat fee is 1.75% of the insurance company invoice value; or
- A minimum of $80 per invoice
If the insurance company pays us less than the full value of the invoice, then you must pay us the outstanding residual. This can be done by giving us some more invoices to factor. We will then take the residual off the amount otherwise due to you. It is your decision whether to chase the insurer for the outstanding residual or not.
Ensuring a Smooth, Hassle-Free Invoice Discounting Process
In order to get the money you’re owed quickly, keep the following information in mind.
Each time you use our service, you must send us the same information you know the Insurer would require:
- The original invoice addressed to the insurance company
- The “Repair Authority” from the insurance company authorising your business to do the repair work
- A copy of the original quote as adjusted by the Assessor (only if the Repair Authority does not detail every authorised labour or parts cost)
- A copy of invoices for sublet repairs (only if requested by the Assessor)
- A copy of the signed release from the insured customer accepting completion of repairs (if required by Insurer).
Delays in receiving your cash will occur if you fax us incomplete or unsigned documentation :
- You fax us incomplete or unsigned documentation
- There are missing sublet invoices or Insurance Company “Authority to Repair” forms
- There are missing or no copies of the adjusted quote/estimate
All original documentation must be posted to:
Working Capital Finance Pty Ltd
PO BOX 84
Mosman, NSW 2088
Have Questions? Contact Us!
We are here to help you – if you need more information or advice, please click call us on 02-9968 2328 or email firstname.lastname@example.org. Need something else? Head to our contact page to leave a message.