Most common customer questions are answered right here.
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Q: What is WCF Smash Repairer Factoring and Invoice Discounting?
A: Factoring is simply selling your invoices for a small fee. Like any other asset in your business, you can sell the debts that Insurance companies owe you for completed repairs.
WCF will buy these debts from you for a small fee. WCF specialise in Factoring solely for the smash repair industry.
Q: How does WCF Factoring work?
A: It couldn’t be easier. Simply send us your repair invoice and the insurance company repair authority for your completed repairs BEFORE you send it to the insurance company. We check the invoice and if its all good, we buy it from you for cash immediately EFT’ed into your bank account. For insurance company invoices accepted for discounting, we pay you up to 100% of the value of the invoice, less our Factoring fee of 1.75%. Minimum fee is $80 per invoice.
Q: When does it make sense to use Invoice Discounting/Factoring?
A: 1. When you must make a payment straight away
- Not paying wages on time can be a disaster
- Not keeping a suppliers account up to date can see service cut-off (power, telephone) or the account frozen or litigation commenced (unpaid tax)
2. When you can make more Income
- Sometimes having immediate extra cash lets you take on bigger repairs or new work.
- If the extra income from additional work is great than the cost of the factoring then your net income increases
- Sometimes having immediate extra cash means you avoid extra cots, perhaps avoid late fees
- If the extra cost of factoring is less than the cost of the late fees you avoid, then you have protected your net income from an even bigger fall.
3. When you only need the “loan” for a very short period. Unlike new bank loans there are no Establishment fees.
Q: What are the benefits?
A: Factoring can immediately release the cash tied up in your unpaid insurance company invoices, giving you the freedom to put the cash to good use. WCF can get you the cash as quickly as just 2 hours* – if you really need it, or by the next business day, which is our standard service. Both of which is a fraction of the time it takes most Banks to act.
If you need a large amount or just a small amount of cash right now then invoice discounting/factoring can’t be beaten
- It’s fast – Same day in need
- It’s easy to set up. No security, No financial accounts or similar are needed.
- No establishment fees or setup costs
- You incur costs only if you use it.
ANYONE WHO SAY INVOICE DISCOUNTING?FACTORING IS ALWAYS TOO EXPENSIVE IS WRONG> OFTEN IT IS FR BETTER THAN OTHER ALTERNATIVES.