allows your subcontractors and suppliers to be paid within 1 business day of your approval of their invoice, unlocking much-needed cash and allowing them to focus on growing their business
No Cost
To You
There’s no cost to you, and your suppliers only pay a fee if they choose to finance an invoice
No Change To
Invoice Due Date
You simply pay the invoice directly to ProgressPay instead of your supplier
Easy
To Use
Approve or reject ProgressPay requests with just a few clicks
You Are
In Control
No invoices are financed without your approval
No Cost
To You
There’s no cost to you, and your suppliers only pay a fee if they choose to finance an invoice
No Change To Invoice Due Date
You simply pay the invoice directly to ProgressPay instead of your supplier
Easy
To Use
Approve or reject ProgressPay requests with just a few clicks
You Are
In Control
No invoices are financed without your approval
How It Works
1 |Check invoice
You confirm the invoice is accurate and that you’re happy for us to finance it
2 |We pay them now
We pay your supplier now at no cost to you
3 |You pay us later
Instead of paying your supplier, you simply pay us directly
FAQ
What is ProgressPay?
ProgressPay is a collaborative supply chain finance product that enables you to empower and strengthen your supply chain by providing them the option to receive early payment of approved invoices.
ProgressPay means your suppliers and subcontractors can now be paid within 1 business day.
Not only is there no cost to you, we actually reward you with a cash incentive for allowing your supply chain access to the product.
Do I have to pay the invoice any earlier?
No. There is no change to when you need to make payment; when ProgressPay is used ProgressPay provides the funding for the initial advance, and you then simply pay the invoice directly to ProgressPay rather than the subcontractor, on the originally contracted terms.
Does it cost me anything?
Why should I let my suppliers and subcontractors have access to ProgressPay?
- ProgressPay doesn’t cost you anything
- ProgressPay is 100% optional for your suppliers/subcontractors
- ProgressPay provides crucial cashflow to help your suppliers/subcontractors grow
- ProgressPay will pay you a cash incentive if your supply chain finances anything
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.
What does my supplier/subcontractor actually get?
For example, if their invoice was for $100,000, they would receive $85,000 within 1 day. They then receive the remaining $15,000 when their customer pays ProgressPay for the invoice (less a fee).
How much does it cost my supplier/subcontractor?
- 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 you make payment.
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.
Are there any eligibility requirements for ProgressPay?
Yes. As ProgressPay relies on your financial strength to offer your supply chain early payment, not all companies will be eligible. Please contact us to find out more.
Do I get any kind of payment or commission for allowing my supply chain to access ProgressPay?
Yes; we want ProgressPay to be a true win-win for all parties. Participating Partners will be paid an incentive of 0.25%-0.50% of any invoice value financed.
The incentive is payable when you pay within your originally agreed payment terms.
We’ve structured it this way to reward you for participating and to encourage you to pay your invoices on time, which limits the time that your supplier/subcontractor may incur additional fees.
If we join ProgressPay, do my suppliers/subcontractors have to use it?
No. ProgressPay is completely optional; if they decide to join then they can elect to finance their invoices on an invoice-by-invoice basis, or not at all..
Does my supplier/subcontractor need to put up any security or financials to access this product?
No. As ProgressPay relies on your financial strength, there is no personal or real estate security required. After their initial application there are no more forms to complete, they can finance their invoices quickly and easily.