Learn about Waddle

What is Waddle?

Waddle offers a modern invoice finance platform with greater flexibility and automation than most traditional invoice finance facilities. It syncs with your cloud accountancy platform and generates a real-time credit limit based on the value of your eligible invoices. You can select which customers to fund and you only pay for those funds that you draw down on. Your credit limit is adjusted in real-time as invoices are raised and paid.

In addition, our platform has two-way data sharing which makes reconciliation easy - a customer pays an invoice into your Waddle account and you'll see it appear in your accountancy platform the next day, no uploading of invoices or ledgers - saving you time to focus on running your business.

Is Waddle factoring?

Waddle is not factoring. Typically a factoring company will purchase your invoices off of you and then take over collections. Therefore, your customers will be aware that you are using a factoring service, as they will be in touch with them regarding repayment of the invoice.

Waddle does not much purchase your invoices but extends a line of credit based on the total value of your eligible invoices.

In addition, Waddle is fully confidential - we stay in the background, you remain in charge of collections and your debtors pay into a different account that we set up for you.

What are Waddle's rates?

Waddle’s rates are amongst the lowest in Australia and tailored for each business. Your rates will depend on your company’s financial health, the industry you operate in and the size of your facility. With Waddle, you’ll only pay for funds you choose to borrow, not on the face value of invoices allowing you to further reduce your cost of capital. Simply select ‘Get Funded’ for your rate.

Will applying affect my credit score?

As part of the process of qualifying for a facility, we will need to perform a credit check. Rest assured we will not perform this until we have agreed on pricing and you have let us know that you would like to proceed.

How do I get in touch with Waddle?

You can contact us by emailing team@waddle.com.au or you can call us on 1300 649 322.

Getting started

Am I right for Waddle?

To be eligible for Waddle you must meet the following criteria:

  • You invoice other Australian businesses

  • You have been trading for more than 9 months

  • You're an incorporated business (eg. Pty Ltd)

  • You invoice only when work is complete

  • You have at least $10k in unpaid invoices

  • You have 3 or more customers

We work with businesses in a variety of industries including recruitment & labour-hire agencies, manufacturers, wholesalers and transport companies. Generally, we are not able to assist in construction or retail businesses.

How do I apply for Waddle?

Click “Get Funded” and connect your accounting package to access your indicative offer in seconds. We’ll get in touch with you within a couple of hours to discuss your application.

How quickly can I get funded?

We aim to complete your application process from the moment you supply the required documents to getting the funds in your account in 48 hours.

What documents do I need to apply?

You will be asked to provide certain documents at different stages of the approval process. These can include current and previous financials, identification of directors, tax and bank statements, trust deeds if applicable, invoice supporting documents.

What information does Waddle access from my accounting package?

Waddle reviews your company invoice and related financial information. This may include: Invoices, Credit Notes, Bank Transactions, Payments, Profit & Loss Statement and Balance Sheet.

Why do I need to connect my accounting package?

It means we can show you an indicative offer in seconds, without having to send any paperwork. You’ll be able to see your offer and how the product works, with no obligation to continue, although we hope you'll like it. If you apply for a facility, we keep the connection live so we can keep pace with your business and ask you no unnecessary questions, saving you time.

What accounting packages does Waddle support?

Currently, we support the following packages:

  • Xero

  • MYOB

  • Intuit Quickbooks Online

  • Netsuite

I don't have a supported accounting package, can I apply?

We are developing integrations with other software providers so register your interest to keep up to date on new developments.

Is there a contract?

You will need to sign a facility agreement, but there is no fixed term commitment. You can exit penalty-free as long as your balance has been paid down to $0.

Will my customers know I'm using Waddle?

No. Your facility is confidential and we never contact your customers.

How does Waddle protect my data?

Your data is transfered using industry standard 256-bit TLS encryption technology. Waddle houses your data within an Australian data centre configured with multiple firewalls and network intrusion detection technology. All Waddle employees meet stringent reference, credit and criminal checks and only those with a direct requirement can view your data.

What does certified accounting add on mean?

This means we have had to meet strict guidelines from your accounting package providers to ensure we fit seamlessly with their software. So you can count on us the same way you count on them.

Using Waddle

How is my credit limit calculated?

Your credit limit is determined by the total value of your eligible outstanding invoices, as well as the level of funding required. Waddle’s credit team will be in touch to discuss the appropriate level of credit during the assessment and approval stage.

How do I select debtors?

As part of the final set up of your account after you have been approved for a facility, you will be asked to log into your Waddle dashboard and select which debtors you wish to nominate that make up your funding portfolio.

How do I draw funds?

If you're a first time user of Waddle, your account manager will guide you through the final steps. Once you have been notified that your account is live, you're ready to start drawing funds. Simply hit the drawdown button in your Waddle dashboard and enter the amount needed.

How do repayments work?

Payments from your selected customers are to be directed into your Waddle account which we will set up in the name of your business. Payments into this account will pay down your existing balance. You may also make additional payments directly to reduce interest charges.

Do my customers have to change the account they pay to?

Yes, any customers you choose to include in your facility will need to. When you create your account you'll be issued with a new bank account in your company’s name. Any balances drawn will be repaid via your customer’s payments into your new Waddle account, so there are no fixed repayments for you.

How do I add more customers for funding?

Within your Waddle dashboard navigate to the Customers tab. From here you can nominate customers for funding. If you wish to remove a customer from funding contact your account manager.

What makes an invoice eligible for funding?

Eligible invoices are:

  • Invoices that have been raised at the completion of providing a good or service

  • That are aged no more than 90 days from issue date

  • That are invoiced to other AU businesses (B2B)

  • That are NOT milestone, staged or progressive invoices

How much of my time will Waddle take up?

Waddle has been designed to take up as little of your time as possible. Drawing down funds takes only a few clicks and thanks to the seamless integration with your accountancy package, your credit limit is updated in real-time and customer payments are automatically reconciled. There is no need to upload invoices or ledgers. Many of our customers have reported that it has saved them a day or more each week.

Will I need to upload invoices?

You will not neeYou will not need to upload invoices. Payments are automatically reconciled within your accountancy platform using bank feeds. After a customer settles an invoice by paying into your Waddle account, you should see those funds in your accountancy package the next day.d to upload invoices. Payments are automatically reconciled within your accountancy platform using bank feeds. After a customer settles an invoice by paying into your Waddle account, you should see those funds in your accountancy package the next day.

How is interest calculated?

Interest is calculated daily on your outstanding balance and applied to your loan balance monthly.

How do I pay my interests and fees?

Interest is added to your balance at the end of each month and fees are added to your balance when incurred. Your customer payments will simply pay off your balance.

Do you have multi-user access?

Yes. You can create different user profiles and different access permissions once you have a live account.

My question isn’t here!

We’re sorry we couldn’t find what you’re looking for, but we’re here for you. If something is still on your mind, please feel free to contact us.