Strategic alliance with Veritas allows smaller businesses access to a confidential invoice discounting facility
Business finance company MarketInvoice has opened the doors to more than 400,000 smaller businesses accessing a whole ledger confidential invoice discounting service, which has previously been the preserve of larger businesses, by easing the annual turnover criteria.
The strategic alliance with credit management specialists Veritas Commercial Servicesmeans that businesses with a turnover of just £300,000, who adopt their credit control add-on, can now benefit from MarketInvoice Pro, which provides an open funding line against all their outstanding invoices. Prior to this announcement, businesses required a turnover of £1m for the service.
The Veritas virtual credit control solution will help business to speed up their working capital cycle and manage their outstanding invoices collection process – which will help them get paid on time. This alliance will also enhance the data available to MarketInvoice’s risk model allowing smaller businesses access to funding at better rates.
Anil Stocker, CEO and co-founder, at MarketInvoice commented: “Invoice finance helps to bridge long payments terms and credit control prevents late payment, all with aim of improving a business’ working capital cycle. The strategic alliance with Veritas will enable us to support a broader range of businesses across the UK. We are excited to be helping even more businesses take charge of their cash flow and not let a lack of funding get in the way of the growth.”