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Who can use invoice finance?
Whether you’ve heard of invoice finance before or it’s a completely new concept, we’d like to share the reasons we believe that for start-ups and small businesses, it should be at the top of the list when considering funding options.
Done well (and we’re pretty confident we do it better than the rest!) invoice finance is the most powerful tool available to optimise your cash flow and help your business thrive.
Businesses of all sizes can use invoice finance to optimise cash flow, raise working capital, buy new equipment, invest in their workforce and more. Start-ups and small businesses often choose it over other types of lending because it provides an advance for the cash you have already worked hard to earn, rather than taking on new debt.
Why do small businesses do this?
The answer is simple: applying for other types of funding such as credit cards or bank loans (read about invoice finance vs. other types of lending) requires directors to jump over numerous hurdles, with lengthy application processes and lots of paperwork – this can be especially difficult and time-consuming for start-ups and small businesses, without any guarantee of funding at the end of it. And let’s not forget the high interest rates, long commitment periods, directors’ guarantees and so on…
Because invoice finance releases the cash that you have already earned, eligibility is based on the invoices already issued. At Hydr, we have created a fully digital process that enables a company to apply for financing within minutes. With our class-leading integration with Xero, we are able to give decisions in real-time quoting fairly priced, fixed fees. No paperwork, no waiting around. Once we have verified your invoices, you can have the cash in your bank within 24 hours. Simple.
If you sell to other businesses (B2B), are registered in England & Wales, and use Xero cloud accounting software, Hydr could just be the partner for you. We will be adding more cloud accounting software partners too, so you can sign up here to be notified as soon as we have updates.
