RECEIVE 100%
FUNDING
of your invoices within 24 hours.
We fund you 100% upfront  so you can focus on securing more or bigger projects for your business.
Key Benefits of Invoice Factoring via HirePay
100% Funding.
HirePay will advance 100% of your total invoice value of your labour services within 24 hours. This will leave you free and unencumbered to pursue the bigger opportunities.
Affordable.
HirePay will collect the assigned invoices as quickly as possible and charge you a single upfront fee* of 0.45% - 1% (14 days) or 0.9% - 2% (30 days) whilst the debt is outstanding.
Flexible & adaptable.
No lock-in contracts. No hidden fees. No surprises. Terminate your HirePay contract at any time.
Minimal financial information.
The application to access funds is easy, requires low documentation, and minimal due diligence.
How Invoice Factoring via HirePay works
Easy 3-step process:
Step 1
Sign up.
As a registered HirePay user.
Step 2
Notify.
Notify selected clients that you are assigning invoices to HirePay for collection.
Step 3
Offer.
Complete the online application form and start uploading invoices for payment.
FAQ
Q:
What is invoice factoring?
A:
Invoice factoring is a financial transaction that allows businesses to sell unpaid invoices to a third-party factoring company such as HirePay. The factoring company purchases the unpaid invoices from the businesses for a lower amount, and will be responsible for collecting the unpaid invoices at a later time.
Q:Will invoice factoring work for my business?
A:Invoice factoring is designed to help provide working capital for those businesses who have to pay labourer's wages upfront each week while their customers pay them only 30 to 60 days later.
Q:What is Hirepay's role in the process?
A:HirePay advances the funds within 24 hours to your company at an upfront fee of 0.45% - 1% (2 week funding) or 0.9% - 2% (1 month funding) and collects the repayment later from your client under your normal payment terms (e.g. 14, 30 or 60 days).
Q:What is the fee payment process and schedule?
A:As an example, for a $100,000 invoice, which your company issues to a client, you will receive the full amount in 24 hour net of HirePay's small fee as per the payment schedule of your choice:
  • For a 14-day schedule, you will receive $99,000 (less $1,000 HirePay fee)
  • For a 30-day schedule, you will receive $98,000 (less $2,000 HirePay fee)
  • For a 60-day schedule, you will receive $96,000 (less $4,000 HirePay fee)
The repayment amount will be debited from your designated bank account on the repayment due date.
For a 14-day schedule
$0
Today(T)
T + 24 hrs
Our small fee of $1,000 is deducted from the 100%
You receive$99,000
For a 30-day schedule
$0
Today(T)
T + 24 hrs
Our small fee of $2,000 is deducted from the 100%
You receive$98,000
For a 60-day schedule
$0
Today(T)
T + 24 hrs
Our small fee of $4,000 is deducted from the 100%
You receive$96,000
HirePay Users Say:
We use HirePay to fund multiple large contract labour hires in Victoria. I cannot begin to describe the difference this has made to our business. Receiving 100% funding has taken all the pressure off our cash flows and allowed us to grow by taking on new large projects. The process is simple and fast. And the people are a delight to deal with.
Dannielle Walz, Director - Operations, Track Protection Australia.
Further information
If you would like to discuss further before using HirePay to facilitate your next project or recruitment, please fill in the form below and we will contact you within 24 hours.