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Advance Payment Facilities
To assist agencies to get contractors paid quickly, we can offer payment to contractors in advance of funds arriving from the agency ('Advance Request').
To enable us to do this, agencies have to provide a notification that the amount due will clear into iBalance's client account within 5 working days.
In some circumstances we may need to run a credit check before we can advance funds to contractors. Our lending decision may be based on the results of the credit check.
The deadline for an Advance Request is 1:00pm Mon - Thurs, and 11:00am on Fridays.
Factoring facilities
iBalance can work with your current factor or finance provider or, if you are looking for a seamless service, you may want to consider one of our preferred suppliers.
Terms are very competitive. As a guide the following charges apply to typical agencies - percentages are the cost as a percentage of your net annual sales turnover:
| Prepayment rate |
85% |
(borrowing limit) |
| Typical Service charge |
1.5% |
| Typical interest costs |
1.0% ** |
| Typical Credit Insurance costs |
0.25% |
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| Total Charge |
2.75% |
**(equates roughly to bank base rate +2.0% for industry avg. of 49 debtor days)
Using iBalance's preferred suppliers means contractors can get paid on the same day you authorise their invoice. We understand getting paid promptly is one of the most important issues for contractors.
What is factoring? - click here for a straight-forward explanation.
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