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How does Fee funding work?
Your business provides clients with the option to settle invoices through BillFix, allowing payments in up to 12 monthly instalments. When clients accept this arrangement and agree to pay both instalments and interest, BillFix handles collection and recourse for defaults. Once the client signs the instalment agreement, the complete invoice amount is credited to your account within 7 days, without any deductions.
This arrangement simplifies payment for clients and ensures swift, full receipt for your business.
We've made sure that this process is super user-friendly and incredibly efficient for your business.
Benefits
Unlike factoring or invoice financing, you will receive 100% of the invoice (no deductions or fees) by way of a direct deposit into your account. Your clients pay smaller more manageable monthly instalments inclusive of interest costs which are tax deductible (provided your professional fees are tax deductible).
It is now common practice for professionals to use fee funding to secure prompt payment of invoices, reduce overheads, save time and resources chasing unpaid accounts and provide clients with a flexible payment arrangement without any invoice management headaches.
Ultimately, fee funding enables more clients to access your professional services, increasing your client base. Overall, fee funding gives any professional a commercial advantage over the competition and a reason for potential clients to choose your services over others.
Fee funding improves client servicing and builds stronger client relationships. It is also often sought after to help clients with their cash flow and effectively provides clients with an extra line of credit for their business.
You retain control of your invoices and when you get paid.
You can confidently explore this service without any financial obligations or burdens.