Invoice Finance Manager
The fast and flexible way to unlock funding, manage cash flow and protect your business from the risk of late payment.
How does Invoice Finance Manager work?
What do I need to apply for Invoice Finance Manager?
You’ll need to give us some details about your business so we can complete our checks. We’ll also need to verify your business by connecting to your bank account. In some cases, we need more details – such as accounts and supplier contracts. Your account manager will tell you if this is needed.
Will applying affect my personal credit score?
No. We only base our risk assessment on the strength of your business and customers.
Although we review your personal credit files as part of our checks, it won’t affect your credit score or ability to get personal finance.
Will my customers know I am using Invoice Finance Manager?
Yes, in most cases. We’ll contact your debtors as part of our verification process. At that stage we make it clear you’re working with us.
Why do I need to connect my accountancy software and what information do you get?
You need to connect to access our platform. It means you:
- Get all the benefits of the platform
- Don’t have to manually upload invoices and provide monthly accounts.
We see a read-only view of your accounting data. This means we can instantly show you which invoices can be financed and how much it costs.
What if I don’t have an accounting software package (ASP)?
You won’t be able to use Invoice Finance Manager without it.
How quickly can I get funded?
New clients can be funded in just a few days, but this depends on how quickly we’re provided with the documents we need. Other factors include bank and customer response times.
Once you’re signed up as a client, it’s much quicker. Finance requests are often approved and paid on the same day.
Meeting your finance needs is our top priority and we’ll respond quickly to urgent requests.
Does the product require security?
Yes. Our standard security is a fixed and floating charge debenture and a personal guarantee capped at the value of your credit limit or £100,000.
How is my credit limit calculated?
It’s based on your turnover and the average time your customers take to pay their invoices. Your limit will be confirmed to you when you sign up but can increase or decrease over time.
What makes an invoice eligible for funding and why are some not eligible?
Our risk assessment analyses the trading relationship between you and your customer(s). It looks at the credit risk of both your company and your customers, as well as wider data about your customer’s industry sector and the economy as a whole. We’ll show you the invoices available for funding in order of risk. We won’t show you any that we believe are too great a risk to fund.
We use many data points and our own risk engine to decide if we can fund an invoice. Due to the complexity, we’re unable to provide specific reasons why an invoice has been declined for financing.
There are also some rules around funding:
- An invoice must be worth £500 or more.
- The invoice must have at least 10 days until the due date.
- Your customers must be UK limited companies.
- Each customer must be matched to their legal entity on Invoice Finance Manager as this unlocks their credit score.
Do my customers have to change the account they pay to?
Yes. You’ll be asked to contact your customers to ensure they make payment to a new bank account for financed invoices. This account will be reserved solely for your usage and allows us to track and manage your customer receipts. As soon as payment is received, we’ll pay the balance to you after deducting the initial advance and our fee. If we receive payment for invoices that haven’t been financed, we’ll pass this to you without charge.
How do repayments work and can I repay early?
When funding an invoice, you’ll be given a new account reserved solely for your usage. You’ll be asked to contact your customer to ensure they have the new payment details. When they pay into this account we’ll automatically deduct the initial advance and our fees.
If you want to repay an advanced invoice early, you can do this at any time. You’ll only pay us for the number of days you’ve had the funds for.
How are the charges calculated and how/when is this paid?
The fee is based on the amount we advance and is calculated per day. We only charge a fee from the day you receive the advance through to the day we receive payment from your customer.
Our prices are shown upfront, so you see the daily fee for each invoice before you commit. Once we’ve received payment from your customer, we’ll pay the remaining balance to you after deducting the initial advance and our fee.
Can I let other people access my account?
Yes. Adding users to your Invoice Finance Manager account keeps them up to date with your credit control. This can be people in your business or outside users such as accountants or credit controllers. Users can:
- Log and keep track of all communication with customer
- Leave notes
- Enable notification
- View reports.
Only the Administrator can add users and manage their access.
How do you verify my account details with Open Banking?
As part of our Anti Money Laundering checks we verify each client's bank account ownership before we release any funds.
To do this, we use OpenWrks - a regulated provider of Open Banking. Find out more about OpenWrks.
Open Banking is all managed securely online. With it you can give regulated providers read-only access to your bank account details.
This means we can verify your bank details without needing any documents from you.
Your bank will only let regulated providers connect with your bank account. They'll also let you cancel access at any time.
We'll never see or store your logon details. And we'll only be able to use OpenWrks to access your account data for 90 days.
OpenWrks provides clear guidance about what data it obtains, how long it's stored for, how you can delete it and much more.
Who are Satago Financial Services Limited?
We use several third parties to provide our service, Invoice Finance Manager. Within our platform you will see reference to Satago Financial Solutions Limited and other providers who help power our solution. However, unless we otherwise notify you, the service is provided by us and not by any third parties.
Important legal information
Factoring and Invoice Discounting facilities may be provided by one or more of Lloyds Bank Commercial Finance Limited, Lloyds Bank plc and Bank of Scotland plc. Lloyds Bank Commercial Finance Limited. Registered in England & Wales no. 733011. Registered office: No.1, Brookhill Way, Banbury OX16 3EL. Lloyds Bank plc. Registered in England and Wales no. 2065. Registered Office: 25 Gresham Street, London EC2V 7HN. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278. Bank of Scotland plc. Registered in Scotland No.SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Bank of Scotland plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration no. 169628.”
When using Asset Finance your agreement will be with a Lloyds Banking Group company whose terms and conditions will apply. The provision of credit or leasing services by us is subject to your meeting our Credit approval. Please ensure that you only apply for credit or leasing services that you can comfortably afford.