Know the money’s there before you start.
Invoice factoring can help you get paid sooner. But you still have to complete the work, raise an eligible invoice and rely on your customer paying the finance provider.
Assurr takes a different approach. Your customer funds each agreed stage before it starts. You can see the money is in place, and it’s released when the stage is approved.
Invoice factoring
Invoice factoring lets you access part of the value of invoices that haven’t yet been paid.
That can help your cash flow, but it comes with costs, conditions and, depending on your arrangement, responsibility if the customer doesn’t pay.
Worth knowing. Invoice finance is normally only available to businesses that trade with other businesses. An invoice to a homeowner may not qualify, or may attract less finance.
Instead of arranging finance against an outstanding invoice, you agree the stages and their prices with your customer before work begins.
They put the money in place for each stage. You carry out the work, submit it for approval and receive payment from the funded stage.
The difference? You’re not starting the stage wondering whether the customer has the money to pay you.
Break the project into clear, priced stages, so everyone knows what’s included and when payment is due.
Before you start a stage, your customer funds it. You can see that the agreed amount is in place, without the customer having to pay you for work you haven’t completed.
Add photographs, documents and updates to the project record, then request payment when it’s ready.
Your customer reviews the stage and approves payment. If they raise a query on one item, the agreed process allows the unaffected amount to move forward while the issue is addressed.
Card payments can be convenient, but they come with processing fees and the possibility of chargebacks.
A chargeback can result in money being taken from your payment account while the card provider reviews a customer’s dispute, even after the original payment has been processed.
With Assurr’s bank-funded stages, the money is placed into the agreed payment process before the work begins, then released following approval. Ordinary card-network chargebacks do not apply to those bank-funded transactions, although other disputes and applicable legal rights remain.
And because Assurr keeps the agreed scope, changes, photographs and payment requests together, both sides have a clearer record of what happened.
Not in every situation.
If you need immediate cash to buy materials or pay staff, invoice finance or another working-capital facility may still be useful.
But if your main concern is whether your customer will have the money to pay you when a stage is complete, Assurr addresses that earlier.
You can use finance when you need finance, rather than relying on it to manage every customer’s payment uncertainty.
Agree the stage. Know it’s funded. Complete the work. Get paid when it’s approved.
Money moves when work moves.