You continue to send invoices to your customer using the same method and details as today. Once the invoice enters your customer’s system, InstantPay’s algorithms decide if it can pay you early. The software approves and sends payment for over 98% of invoices within one business day.
You do not need to change your bank account or set up a credit facility.
Once paid, InstantPay waits for standard terms and then collects the full invoice value from your customer.
For example, assuming your standard terms are 60 days:
- You submit an invoice to your customer.
- Your customer enters it into their system.
- InstantPay authorises an early payment.
- InstantPay immediately sends your payment (with a small administration fee deducted).
- InstantPay waits 60 days and takes the payment of your invoice from your customer.