FAQ (Australia)

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General 📄

What is Invoice Finance?

Invoice finance is a process where businesses sell their open invoices to receive immediate payment from third parties. This gives your business the opportunity to get cash immediately instead of waiting for client payments terms to mature.

How does it work?

Signing up for invoice finance through our platform is simple: 

  • First register with your company information and fill out all of the required fields. Your account will then be reviewed by our risk team for approval. 
  • Once approved, you will have full access to your dashboard and will be able to upload your eligible invoices.  You are able to choose which invoices you would like to sell for immediate capital.
  • Once the invoices you have listed for sale have been accepted, you will be asked to confirm, at which point, the funds will be transferred to your verified bank account on file. 
  • Upon the due date of the invoice listed, the invoices funded will be able to be paid directly through your dashboard via wire transfer or e-debit.

Who is the Funder?

Crowdz Australia is the sole funder under the designated program. Their technology empowers small and mid-size enterprises (SMEs) to finance their receivables and cross-border transactions.

What is the Fee?

Receive your cash in advance at 1.5% discount per invoice value.

What is the SuRF (Sustainability, Risk, & Financial) Score?

SuRF Score stands for Sustainability, Risk, & Financial Score and weights different factors to provide a reference point on the likelihood of invoice payment. It combines both conventional business risk data with Crowdz’s proprietary payment and repayment data, including repayments of funding within the Crowdz platform. Your SuRF Score can increase through several factors related to your business, but primarily through timely payment of invoices.

Do I need to tell my customers that I am using Crowdz Australia?

There is no need to disclose your arrangements with Crowdz Australia.Traditionally, in factoring arrangements, a notice of assignment (NOA) is sent to customers to inform them that the factoring company will manage and collect your accounts receivables or invoices. This is not required for the Crowdz Australia platform. You will simply forward the funds to us when your customer pays your invoices.

What is the SuRF (Sustainability, Risk, & Financial) Score?

It’s a powerful payment-reliability metric that assesses the likelihood and timing of repayments. SuRF Score combines both conventional business risk data with Crowdz’s proprietary payment and repayment data, including repayments of funding within the Crowdz platform. A strong SuRF Score increases your chances of receiving a low discount rate on receivable purchases.

Onboarding 💻

How long does onboarding take?

Companies typically complete onboarding and Know-Your-Customer checks within one business day.

Once I submit an invoice for sale, when can I expect to receive funds?

You must first be approved, and subsequently confirm that you’d like to sell your invoices. Once confirmation takes place, you can expect to receive funds within 24-48 hours into your designated bank account.

When I receive my funds or pay, I see Convera as the Payer/Payee. Is this correct?

Yes. With its 170 year history, Convera (formerly Western Union) is our chosen partner to help move your funds securely. Your funder will receive your payment securely and fast via the Convera payment system.

How many receivables can I sell in a single trade?

There will be a limit as to how much you can trade based on individual company data. This amount can increase over time as all participant’s performances are constantly being evaluated for reward.

Can I sell invoices from multiple customers in the same trade?

Yes, you can!

Will you perform credit checks on my customers?

Crowdz Australia looks at several data sources, including business credit bureaus, your company, and your customer. We do not conduct credit checks on individuals. We use publicly available data sources on your enterprise customers to ascertain their likelihood to pay on time. If your customer also has transacted or formed a repayment data trail on the Crowdz Australia platform, we will also use this data to profile the likelihood a receivable issued to them will be paid on time.

How do you check my invoices and why is that necessary?

Crowdz Australia compares uploaded receivables to accounting-system data whenever possible to ensure each uploaded receivable is indeed legitimate. Required fields include Name, Address, Country, City, and State. Funders will only finance customer receivables that check the boxes that indicate the receivables are indeed correct.

How does payment work to receive my funds?

Crowdz Australia works with Convera to automatically deposit funds into your connected default bank account upon integration. We utilize NPP and push payment capabilities to process the payments to your account.

Repayment 💸

How does repayment work?

Since Crowdz Australia purchased your receivables, we are now the “Purchaser” and now own that debt. When your buyers pay you for the receivables that were purchased, you forward the correct amounts to us.

How do I make a repayment?

Once you receive bank account details and the reference number, you can complete a manual payment transfer via your bank account or online.

Get Paid and Keep Growing

Speed up your payday so you can get down to business and put an end to chasing receivables.