SUBBIES & SUPPLIERS
Get your approved invoices paid in one day
Are you waiting 30, 60 or 90 days to get paid?
ProgressPay your invoices and get them paid tomorrow
How It Works
1 |Request
Upload or import your invoice and supporting documents into ProgressPay
2 |Approval
Your builder confirms the invoice is accurate and agrees to pay ProgressPay directly on the due date
3 |Payment
We pay you 85% of the invoice value within 1 day of your builder’s approval
4 |Settlement
When your customer pays us, we pay you the remaining 15% (less our fee)
How Much Does it Cost?
There is an initial fixed discount of 3.5% of the invoice value, which covers the first 30 days the invoice is outstanding.
If the invoice remains unpaid after the first 30 days there is an additional 0.1% per day until your builder pays us.
This discount is all inclusive. We don’t charge any additional interest, penalties, arrangement fees or management fees.
How Much Does it Cost?
There is an initial fixed discount of 3.5% of the invoice value, which covers the first 30 days the invoice is outstanding.
If the invoice remains unpaid after the first 30 days there is an additional 0.1% per day until your builder pays us.
This discount is all inclusive. We don’t charge any additional interest, penalties, arrangement fees or management fees.
Completely
Optional
You choose which invoices to finance (if any)
Improve
Your Cashflow
Get your money out working quicker, allowing you to fulfil more jobs
No Financials
Required
No financial information or personal/real estate security required
No Effect on
Balance Sheet
ProgressPay is not a loan and does not impact your ability to obtain credit
FAQ
What is ProgressPay?
ProgressPay is a collaborative supply chain finance product that enables you to receive early payment of your approved invoices.
ProgressPay means you can now be paid within 1 business day of your customer or buyer approving your invoice.
What do I actually get?
For example, if your invoice is for $100,000, you will receive $85,000 within 1 day. You then receive the remaining $15,000 when your customer pays ProgressPay for the invoice (less a fee).
What are the fees?
Most supply chain finance companies never disclose their fees; however we are proud to provide transparent and inclusive rates so suppliers and subcontractors understand what the real cost is.
- There is an initial fixed fee of 3.5% of the invoice value, which covers the first 30 days the invoice is outstanding.
- If the invoice remains unpaid after the first 30 days there is an additional 0.1% per day until your customer makes payment to us.
These fees are all inclusive. ProgressPay does not charge any additional interest, penalties, arrangement fees or management fees, avoiding the typical hidden charges many other finance companies rely on in order to market a “cheaper” headline rate.
Does my customer or buyer have to pay the invoice any earlier?
No. There is no change to when your customer or buyer needs to make payment; when ProgressPay is used ProgressPay provides the funding for the initial advance, and they then simply pay the invoice directly to ProgressPay rather than you, on your originally contracted terms.
How is ProgressPay different from other factoring, invoice discounting and supply chain finance products?
There are no joining, administration or management fees, and suppliers and subcontractors can choose which invoices you would like to be paid early for, even on an invoice-by-invoice basis.