MarketInvoice has opened the doors to more than 400,000 smaller businesses accessing a whole ledger confidential invoice discounting service, which has previously been the preserve of larger businesses, by easing the annual turnover criteria.
The strategic alliance with credit management specialists Veritas Commercial Services (“Veritas”) means that businesses with a turnover of just £300,000, who adopt their credit control add-on, can now benefit from MarketInvoice Pro, which provides an open funding line against all their outstanding invoices. Prior to this announcement, businesses required a turnover of £1m for the service.
The Veritas virtual credit control solution will help business to speed up their working capital cycle and manage their outstanding invoices collection process – which will help them get paid on time. This alliance will also enhance the data available to MarketInvoice’s risk model allowing smaller businesses access to funding at better rates.
Anil Stocker, CEO and co-founder, at MarketInvoice commented: “Invoice finance helps to bridge long payments terms and credit control prevents late payment, all with aim of improving a business’s working capital cycle.”
He said: “The strategic alliance with Veritas will enable us to support a broader range of businesses across the UK. We are excited to be helping even more businesses take charge of their cash flow and not let a lack of funding get in the way of the growth.”
“Company owners regularly acknowledge that chasing payments and debts is a burden in achieving their growth and ambitions. Our seamless integration with Veritas will give businesses the support they need to control late payment and access funding to hit their targets.”
Businesses who use the Veritas solution can monitor the status of payments and will get live updates on chasing activity by their credit controller. Any business making use of the MarketInvoice-Veritas alliance will benefit from a discount in pricing to the usual Veritas credit management subscription fee.
Jenny Oldfield, CEO at Veritas Commercial Services commented: “The strategic alliance with MarketInvoice is very exciting. As a result, more small, growing businesses will now be able to benefit from a fully integrated invoice finance facility and credit management service that puts them firmly in control.”
She said: “The powerful combination of technology and talent from both our organisations brings tangible advantages to SMEs, harnessing cutting edge cloud solutions and deep expertise to drive improved cash flow and working capital. This, in turn, accelerates the flow of liquidity into the UK economy.”
MarketInvoice’s main strategic ambition is to broaden its reach to be able to support a wider range of businesses, from start-ups to larger businesses looking to scale up. The company aims to help even more companies get paid faster by financing their invoices, so business owners can save time and focus on running their business.