PRE-REPAIR FINANCE FOR SMASH REPAIRERS
Start big repair jobs sooner without straining your cash flow.
Immediate funding for parts and supplies when you win the job.
Slow cash flow shouldn’t hold up your workshop. When you win a new repair job but don’t have the free cash to order parts and supplies, everything stalls. Working Capital Finance can help fix that.
We provide pre-repair finance the instant an insurer approves your quote. This means you can order parts and pay for them upfront, start new repairs quickly and keep your customers happy.
Don’t let tight cash flow stop you taking on new jobs. We can fund parts and supplies so you can get large new jobs started without using all your free cash.
“My supplier accounts were overdue, and they all had me on COD terms. I just didn’t have the free cash to bid for jobs, get the parts and trade my way out. Pre-repair finance got me out of that rut. Without it, I would not have survived. ”
What is pre-repair finance?
Pre-repair finance for smash repairers is a simple, short-term funding solution that pays for the cost of parts, supplies and materials when you don’t have the free cash to fund it yourself.
It’s an advance factoring payment made before you have started a repair job. It is available to pay for parts as soon as the insurer sends you their approved Repair Authority.
We pay any business invoice direct to the supplier, and the expenses you fund don’t need to relate to the vehicle on the Repair Authority. Pre-repair finance can be used to pay any business expense except wages or rent.
How pre-repair for smash repairers works
6 simple steps for pre-repair finance.
1.
You receive a Repair Authority (RA) from any insurer
2.
You send us the RA and the supplier quote or invoice
(the amount we are to pay the supplier must be at least a small amount less than the RA value to allow for pre-repair finance and factoring fees)
3.
We pay the supplier directly for the parts or supplies so they can be sent to you immediately
4.
You complete the repair and prepare your invoice addressed to the insurer, the same as always
5.
You send the repair invoice directly to us for factoring
6.
We pay you for the factored invoice by EFT same day, less the amount we paid the supplier and our fees
Pre-repair finance is the easy way to take on more work than your current cash flow allows. It helps you pay your supplier statements within terms or pay COD for new orders of parts and business supplies. Pre-repair finance is the smart way to maintain strong supplier relationships and keep your customers happy.
Why smash repairers choose pre-repair finance
Committing thousands of dollars upfront to parts and supplies for a big repair job is risky, especially when you might not get paid for the repair for many weeks. Pre-repair finance means you can commit to large new jobs, keep your workshop busy and cash flowing through your business.
Pre-repair finance helps you:
- Quote for repair jobs that you otherwise couldn’t fund
- Start repair jobs quickly by getting parts and supplies when you need them
- Fund upfront parts and materials costs • Avoid cash flow issues caused by slow insurer payments
- Pay your suppliers on time to keep accounts in order and maintain good relationships
- Keep your workshop busy with regular new work when you have spare capacity (even when you don’t have free cash to fund it)
Pre-repair finance is the smart way to stay productive and take on more profitable work.
Simple and transparent fees
Get funded todayLike everything Working Capital Finance does, we keep pre-repair finance costs affordable and easy to understand.
No hidden
charges
Competitive,
flat fees
Only pay when you
use our service
No lock-in
contracts
Pre-repair finance works best when used for less than 30 days. The fee is 4.0% of the supplier invoice amount for the first 30 days, then we charge a flat late fee of 0.15% per day thereafter.
“I use pre-repair finance to keep all my supplier statements within agreed terms. My suppliers love that my account is always in order, and over the years this has enabled me to steadily ask for larger trade credit limits and get more favourable payment terms. One day I might not need pre-repair finance, but it’s great to have as a back stop.”
Should you use pre-repair finance?
Pre-repair finance is ideal if:
- The extra revenue from new jobs outweighs the cost of the pre-repair funding, or
- Supplier late-payment fees cost you more than pre-repair finance. For example, Capricorn charges 7.0% for late payment, and ATO penalties can be thousands of dollars, or
- Frozen supplier accounts are causing you to miss out on profitable repair jobs
If you think your business could benefit from pre-repair finance, we’re here to help.
Why smash repairers choose Working Capital Finance
About usWe only work with smash repairers, so we know what you need to keep your business moving. We’ve been providing businesses like yours with fast and affordable pre-repair finance since 2005.
Friendly to work with
and we solve problems on the spot
20+ years focused
on the smash repair industry
$100’s of millions funded
to smash repairers
Over 1,000 smash repairers
supported over 20 years
Low and transparent
rates
Reliable team
that gets to know you and your business
Pre-repair finance FAQs
Is pre-repair finance a loan?
No. It’s an advance on the factoring payment you get after you complete the repair and send the repair invoice to us for factoring. It’s funding for parts and supplies that you need to complete the repairs. You don’t pay interest, you pay a percentage fee (4.0%) of the amount we paid on your behalf to your supplier.
Who gets paid – me or my suppliers?
We pay your suppliers directly for the cost of parts and supplies, ensuring they get delivered quickly to your workshop so you can get on with the repair job.
How quickly are payments made to my suppliers?
In most cases, payments are made direct to your suppliers on the same day, usually within a few hours. Urgent payments can be made within two hours for an additional rush fee of $36.00.
What repair jobs qualify for pre-repair finance?
Any Repair Authority (RA) from any insurer can be used provided it is larger than the amount you want us to pay for any supplier invoice or monthly statement for parts, materials or any business expense (except wages and rent).
Do the supplier invoices need to relate to the Repair Authority?
No. Other than rent or wages, we’ll pay any business expense with a supplier invoice or monthly statement. The expenses we pay do not need to relate to the vehicle on the RA. The RA just needs to be larger than the amount we are to pay the supplier. We will even pay your BAS to the tax department or your monthly Capricorn statement.
How do I repay pre-repair finance?
By factoring the repair invoice with us that relates to the RA used to secure pre-repair finance once the RA job is complete. We factor that repair invoice in the usual way, but we take out the amount we have already paid your supplier, and our fees. You then get paid the net factoring proceeds remaining.
Do I have to sign a contract?
No. This service is available to you if and when you need it, and you only pay when you use it.
How quickly do you require payment for funds paid to suppliers using pre-repair finance?
Pre-repair finance is best used for 30 days or less. If you use pre-repair finance, complete the repair and factor the invoice for the completed repair with us in less than 30 days, you will only pay 4.0% of the amount we paid your supplier (plus our factoring fee).
What if the job takes longer than 30 days?
Beyond 30 days, you pay an additional flat late fee of 0.15% per day of the amount we paid your supplier.
Take on new repairs with confidence
Don’t let upfront costs of parts and supplies slow you down. We can quickly pay your suppliers so you can take delivery of parts and supplies and get on with the job. Choose Working Capital Finance for fast and affordable pre-repair finance.
“I use pre-repair finance to keep my suppliers happy. I used to dread their phone calls when I had an overdue account, which made business no fun. Prerepair finance keeps my accounts within agreed payment terms and the days of dodging supplier phone calls are history.”
Do you need invoice factoring?
If slow insurer invoice payments are causing cash flow issues and stress, talk to us about invoice factoring. We can pay you on the same day you send the invoice – not weeks later. We buy your insurer invoices upfront, so you get the cash in your account fast.
- Immediate access to cash tied up in insurer invoices
- No more chasing payments or waiting weeks or months
- Transparent, affordable rates
