If you think getting funds within 24 hours of factoring your invoices is fast, think again. Key Factors is looking to introduce real-time payments to allow instant funds transfers.
As part of the New Payments Platform (NPP), instant or ‘real-time’ payments between some Australian bank accounts will be possible 24/7.
Why does transferring funds between different Banks take so long?
Currently, when we transfer factoring funds into your nominated account, it generally hits your account the next business day. That’s because different Banks transfer funds at different times of the day and only during business hours.
How will Real-Time Payments under (NPP) work?
At present, when we transfer factoring proceeds to a customer with the same bank, funds are received almost instantly.
Under the New Payments Platform (NPP), the same can apply even if our customers do not bank with the same bank. That’s because NPP acts like a secured network between participating financial institutions, allowing funds to be transferred between accounts immediately.
Which Banks have signed up?
The big four banks have all signed up along with 9 other financial institutions listed below:
- Commonwealth Bank of Australia
- Bendigo/Adelaide Bank
- ING Direct
- Macquarie Bank
What are the advantages of Real-Time Payments and when will it take effect?
The ability to instantly receive funds will ensure your business can meet any unexpected expenses or opportunities that may arise from time to time.
Getting instant cash in your bank account can be as easy as 1 2 3:
- Invoice your clients for sale of goods or services and send Key Factors a copy
- Key Factors will credit your account with up to 80% of the invoice value.
- The remaining 20% is provided once your client pays us, less any accrued fees.
The New Payments Platform (NPP) is set to launch early next year and all participating banks are going through the final stages of testing. Key Factors will have our finger on the pulse so our customers can reap the benefits of Real-Time payments.
How can you qualify?
Businesses benefiting from Key Factors
flexible cash flow finance generally have a high level of customers on accounts for the provision of goods or services and have an annual sales turnover ranging from $500,000 to $30 Million.
At Key Factors, we understand small business loans Australia! As a leading cash flow finance company with over 30 years of experience your business is in good hands.
at Key Factors and a local state manager will be more than happy to discuss your needs and provide you with a quote to suit your requirements.