FAQ (Australia)

Receivable finance is a process where businesses sell their open receivables 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.

Signing up for receivable finance through our platform is simple: 

• First register with your company information and fill out all of the required fields. 
• Once logged onto the platform, you will be asked to sync your accounting system and fill out user and company details. Your account will then be reviewed by our risk team for approval.
• Once approved, you will able to add the bank account that you will use for funding and repayment. A direct debit will also be set up so auto-payment will occur at the  receivable repayment due date.
• After completing these steps, the final step is to sign and the seller agreement.
• You now have full access to your dashboard and will be able to generate an offer for all qualified receivables. You are able to choose which receivables  you would like to sell for immediate capital.
• Once you confirm, the funds will be transferred to your verified bank account on file. 
• Upon the due date of the invoice listed, the receivables funded will be auto-debit from your bank account.

Crowdz Australia is the sole funder under the designated program. Crowdz is the technology company that helps banks and financial institutions empower small and mid-size enterprises (SMEs) to finance their receivables.

The fee varies and is built into the discount rate when accepting the offer per receivable value.

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

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 different with the Crowdz Australia platform. Upon acceptance of the offer, a notice of assignment (NOA) is sent to customers to inform them that Crowdz Australia owns the receivable. The customer will continue to pay you. On the receivable due date, the funds will be auto-debit from your bank account to repay the funder, Crowdz Australia.

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

You can expect to receive funds within 72 hours into your designated bank account.

Yes. With its 170 year history, Convera (formerly Western Union) is our chosen partner to help move your funds securely. 

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.

GoCardless is our chosen partner to help with repayments. A direct debit mandate is set up with GoCardless and they will auto-debit your bank account when the receivable repayment is due.

The amount is dependent a variety of factors. It will be based of what the funder has set as a per seller limit and what is currently outstanding for the seller.

Yes, you can.

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.

Crowdz Australia receives the receivables data through the accounting-system. Required fields include Name, Address, Country, City, and State. Funders will only finance customer receivables that are legitimate.

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 repay us with the correct amounts.

Repayment will be auto-debit on the day the receivable is due. Repayment may also be initiated manually if you wish to pay it earlier.