Are you completing insurance work but not being paid for it for days or even weeks?
It shouldn’t be this way and with our invoice factoring service, it doesn’t have to be.
At Working Capital Finance, we’ll buy your invoices from you and pay you for them straight away. Invoices for debts owing to you are assets you can sell like any other assets of your business. Factoring is just selling these debts at a small discount to their full value. Factoring (or selling your insurance invoices) gives you immediate access to money that you can reinvest in your business. Buy parts, complete jobs and create repeat customers. With our fast invoice factoring service, it’s easy!
How Invoice Factoring Works for Auto Businesses
When panel beaters, mechanics or auto shops take on insurance work, the process usually goes like this:
You send a quote for repair work to the insurance company
The insurance company accepts the quote and you begin work
When the repair is complete you prepare your repair invoice and send it to the Insurer for payment
You wait days or even weeks for the Insurer to pay you
Meanwhile, you can’t source parts, pay other suppliers or wages, complete repairs or create happy customers
With our invoice factoring process, the process works like this:
Once the repair is completed you send the invoice to Working Capital Finance
We pay you the full invoice immediately minus a small processing or factoring fee (1.6% if the invoice is over $20,000 or 1.75% if its below down to a Minimum Fee of $80 flat fee)
You reinvest this money in your business, buying parts, paying suppliers, completing repairs and creating repeat customers
We take ownership of the invoice and collect the money from the insurance company
Kim Jacobs and the team at Working Capital Finance are experienced professional factoring specialists who focus on invoice factoring for Australia’s smash repairers. With a strong success rate and a long history, we help smash repairers generate crucial cash flow when they need it most.