See how Waddle can help your business grow!
Find out if our innovative invoice finance platform is right for you. Simply connect your accounting package for a tailored finance offer.
If your business needs access to cash fast, then there are various options available. It will depend on the type of funding required, how much is needed, the loan purpose and how established your business is.
If it’s a cash lump sum you’re looking for, then a short term unsecured loan could be the answer. If it’s an ongoing line of credit needed for working capital, then invoice finance could be right for you.
An alternative to a small business loan is invoice finance. Waddle provides Australian business with a solution to cash flow problems. A modern, automated invoice finance facility which grows with them and helps them get ahead and cut down on unnecessary admin.
Unlike traditional invoice finance facilities, it is fast, flexible and confidential. If all goes smoothly during the application process, funds can be available from the Waddle platform within 2 days. You draw down on funds only when you need to, you only pay for what you use and there are no lock-in contracts or unfair fees.
Here’s how it works. To get started you’ll need to click ‘Get a Quote’. We’ll ask a few questions about your business and if you’re eligible you’ll need to connect your accounting package. Next, you’ll be taken to the Waddle dashboard. Using real invoice data, we’ll present you with an instant offer. After a quick and easy credit check and application, you’ll be able to select the customers you’d like to nominate for funding and draw down on your available balance. Funds will be in your account within 24 hours.
As you raise more invoices in your accounting software your available balance will be adjusted in real-time. In addition, your admin is vastly reduced. Your customers will pay into a bank account Waddle sets up in your name and the invoice payment data is synced with your accounting software making reconciliations simple.
There are many types of finance available to business owners and without research and advice, it can be difficult to know which is best suited. Large traditional banks will offer funding solutions including secured loans, business lines of credit and overdrafts. Smaller non-bank lenders tend to offer unsecured business loans as well as alternative forms of finance such as debtor finance, equipment financing and supply chain finance.
Whilst the big banks may offer larger sums at more favourable rates, it may take longer for funds to appear in your account and eligibility criteria may be more stringent. Small lenders and fintechs may be the solution if you’re looking for funds fast. Loan application times are often shorter and they can cater for businesses that big banks won’t lend to, including start-ups and those with a bad credit history. However, whilst access to funds can be faster, interest rates are often higher and loans terms shorter.