From year to year, online microfinance is becoming an increasingly popular way to finance your own business. In particular, SMEs in the SME sector are looking for it, where instant access to additional funds allows to solve temporary problems with financial liquidity.
Already on February 14, 2019, during the 2011 Loan Magazine Awards Gala, one of the companies that deal with online microfossure will receive the title of the Factor of the Year 2018. The five biggest players on the online microforming market have the opportunity to win this distinction: Finea, Faktoria, Finiata, NFG and SMEO .
Finea offers fast financing for business in the form of classical, silent and reverse factoring. With the help of this brand, the entrepreneur can finance his purchase invoices and cover the cost of invoices, whose payment deadline has not yet expired. For this purpose, he must assign receivables to Finea SA and inform his contractor about it. Then the brand pays entrepreneurs from 80% to 100% of the value of a given invoice. In addition, Fine’s specialists support the entrepreneur in the process of debt collection in the event of the contractor failing to meet his obligations.
The quiet factoring offered by the brand is a great solution for customers who need discretion. Thanks to this solution, the contractor does not find out that the invoice is financed by an external entity.
Faktoria allows entrepreneurs to exchange their invoices up to PLN 1,200,000 for cash. In this way, he gets access to money even 30 minutes after the transaction. The company bases its operations on clear and transparent principles, thanks to which the cost of the service is known even before submitting the application. It is PLN 1 for each invoice worth PLN 1,000, with no hidden fees or additional commissions. In addition, Faktoria also offers the option of financing purchase invoices and obtaining a credit limit that will provide the company with constant access to cash.
The Flex service of Finiata provides the company with a permanent source of additional resources for unforeseen expenses. The brand offers a flexible and renewable financing line up to 50,000. PLN, which the entrepreneur can use at any time. The advantage of such a solution is speed, the ability to reach for funds whenever they are needed and a flexible form of repayment – at once or in installments.
eFaktoring NFG is a financing service for micro, small and medium enterprises. It allows entrepreneurs to obtain up to 25,000 PLN 30, 60 or 90 days for an invoice, even within 15 minutes, completely online and without unnecessary formalities. After entering the invoice into the system, the entrepreneur receives 100% of its net value on its account. After the invoice has been paid by the contractor, the entity is obliged to return the NFG’s funds within the prescribed period. The brand offers so-called “Silent factoring”, thanks to which the client does not find out that the entrepreneur has already received funds for the invoice.
SMEO allows invoice conversion with a total value of 150,000 PLN for cash. The brand provides instant financing in as little as 15 minutes. Factoring is available from the first day of operation. SMEO finances invoices worth over PLN 400 net with a payment period between 7 and 90 days. The brand has already financed over 7,000 invoices with a total value of nearly PLN 53 million.
In addition to companies that are fighting for the title of the Factor of the Year Loan Magazine 2018, there are other well-known entities on the Polish market:
The minimum invoice value in inviPay is PLN 300 or EUR 100 gross, while the maximum financing value is determined individually for each entity. The brand even implements invoices issued to foreign companies (transactions in euro are settled without currency conversion). Unfortunately, a large limitation of the use of inviPay services is the requirement to expire at least 12 months from the date of registration of the activity and the lack of the company’s debt.
Gross is a brand integrated with popular accounting programs, which makes the decision to issue financing quickly. Additional funds go to the entrepreneur’s account within 60 minutes. Minimal formalities also mean that the entrepreneur does not have to provide the paper with any paper documents. The fixed fee for the financed invoice is only 4% gross monthly, and these fees are charged only for the actual financing period. It is worth mentioning that the Gross brand does not verify the financed invoices with business partners of its clients.
Monevia offers support to micro and small entrepreneurs who monthly issue a large number of invoices with small amounts and want to get quick access to capital. The platform allows the sale of invoices from the value of PLN 700 gross or EUR 200 with the payment date falling for 7 days. The limit of sales of invoices for new clients of the platform is PLN 50,000, but its amount changes depending on the course of cooperation. Funds are transferred to the trader immediately after accepting the transaction.
Bibby Financial Services
Bibby Financial Services is an independent factoring institution that offers microfacing for companies with annual turnover up to PLN 3 million. After sending a copy of the invoice, Bibby Financial Services pays the entrepreneur up to 90% of its value within 24 hours. The brand also monitors the status of receiving receivables from contractors and pays the entrepreneur the remaining amount after deducting the remuneration in the previously agreed amount. The limit of financing provided by the brand increases with the increase in sales.
Pragma allows you to finance online shopping, invoice sales and online factoring. The value of the sold invoice is a minimum of PLN 500 gross, and a maximum of PLN 250,000 gross PLN. The choice of payment dates from 8 to 120 days.
The AOW Faktoring brand offers factoring for micro-enterprises (with a limit of up to PLN 100,000), small entrepreneurs (with a limit of PLN 100,000 to PLN 1 million) and factoring for medium-sized enterprises (with a limit of over PLN 1 million). The cost of monthly financing oscillates at the level of 3-4% and depends on the individual situation of the company. AOW does not require credit or collateral from customers. The brand, however, draws attention to the credibility and solvency of recipients who pay for the purchase of invoices. For micro-entrepreneurs, AOW has prepared a recourse factoring offer and purchase of single claims with a minimum value of PLN 30,000. zł. AOW Faktoring buys both non-due and overdue receivables.