InstantPay analyses invoices, so they can be prepaid the next business day
The money is in your bank account freeing up capital to invest in your business
Over 98% of invoices can be prepaid by InstantPay
Check the status of your invoices, credit notes and payments with InstantView
There is no impact on your credit rating as this is not credit or a loan. We prepay your invoice in return for a small fee (which varies by programme).
Cancel at any time, online or by email.
No credit checks or new bank accounts are needed. Confirm your details and accept the terms to be fully signed up.
InstantView lets you manage your InstantPay options and see when invoices have entered the system and been paid.
You’ll still get remittance notices by email, but InstantView will provide a record of all of your documents and payments in one place. You can also download CSV files to help reconcile your accounts.
Note: InstantView availability varies by program
Previse is a multi-award-winning company that uses data and machine learning to make finance simple for SMEs.
operations
total spend processed
invoices and adjustments processed
transactions every day
suppliers
No lengthy setup process or hidden fees.
When we say we make finances simple, we mean it.
Send your invoice to your customer
We check the invoice once entered
We organise your prepayment
They pay us directly
InstantPay is only available where your customer has agreed to offer it as a payment method. You will usually hear directly from them.
InstantPay is an early invoice payment solution from Previse. InstantPay enables payment of your invoices within one business day of entry into your customer’s system.
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:
A small number of invoices do not qualify for early payment. InstantPay pays these invoices according to your standard terms. There is no fee for these “passthrough” payments.
To access InstantPay, your business must:
The following business types are not eligible:
You pay a small fee in return for receiving faster payment, typically 1% per 30 days of early payment.
So, for example, a £1000 invoice paid 20 days early would cost £6.58 and pay you £993.42. That’s just £0.33 per day.
There are no charges for you if your customer is late paying us. Your fee period is the number of days between early payment, and your standard terms agreed with your customer.
There is no minimum contract period for InstantPay. You can cancel at any time.
There is no need to provide security or charges over assets as this is not a credit or finance product but an early payment of an invoice.
As InstantPay is not a credit or loan facility, there is no impact on your credit rating or eligibility to access other funding types.
You can inform us that you wish to cancel InstantPay at any time.
Online: https://instantpay.co/opt-out/
By email: help@previ.se
By telephone (UK business hours): 020 8158 8638
No, not at all. InstantPay is only available where we are already working with your customer to offer you InstantPay.
On our standard InstantPay plan, every invoice sent to your customer and entered into their system will be evaluated for InstantPay and, if eligible, paid on the next working day.
One of the advantages of InstantPay is that it eliminates any chasing of invoices, reducing your time spent on administration and freeing you up for your business.
On Monday, the government announced it was strengthening the Prompt Payment Code (PPC), mandating that its signatories must pay suppliers within 30 days, rather than the previous 60.
While this is a welcome step in the right direction, there is still a long way to go in addressing the chronic issue of slow payments. A 30-day payment period is still 30 days too long for many small businesses struggling to stay afloat.
It’s many entrepreneurs’ dream; that first big contract which launches your start-up brand onto the national stage. It should be time to celebrate your success, but for many small firms this is the start of a new financial nightmare.
