What Is Convertibill® Business Finance?
Convertibill® offers unique business finance solutions that compete with, replace or complement traditional bank facilities. For example, Convertibill® finance solutions can be used to replace traditional bank overdrafts and term loans or to refinance company assets.
Here’s everything you need to know about what Convertibill® business finance is and why many companies choose Convertibill® over traditional bank credit, or use it in tandem with their existing banking facilities
Convertibill® business finance is unique. It’s flexible finance for small and medium businesses in almost any industry you can imagine. At Convertibill®, we know business finance isn’t a one-size-fits-all solution. So we’ve created several different finance products to give your business the financial support it needs.
We have four main finance products: Sales Finance, Order Finance, Customer Finance and Supplier Finance. However, our hybrid finance solutions combine the best of two or more of our finance products. They are adjusted to provide exactly the type of funding and support you need. Our Branch Managers or Specialists will work with you to build a unique finance solution.
You can use Convertibill® finance as your business needs it — whether you need to release cash tied up in invoices or pending orders, or you need extra funds to fuel orders and growth opportunities.
Bank Credit vs. Convertibill® Business Finance
Banks lend money to businesses (sometimes). They secure these loans with personal guarantees from the owners and liens on the business’ assets. The bank’s focus is on the business’ cash flow, its balance sheet and the financial history of the company.
Convertibill® trades with businesses every day. We purchase transactions and contracts for immediate and flexible cash flow. We focus on your knowledge and experience and the quality of your current and future business.
Credebt® facilities are unique types of business finance. They compete with, and replace or complement, bank facilities. The traditional bank overdraft can be replaced with a revolving credebt® business finance facility. A term loan can be replaced with a repayment credebt® facility and company assets can be refinanced using credebt®.
Convertibill® trades with businesses every day. It uses credebt® to purchase transactions and contracts for immediate cash. Its focus is on the knowledge and experience of the owners and the quality of their current and future business.
How Convertibill® Finance Works
Our finance products are split into three categories: revolving finance, repayment finance or refinancing. Our unique business finance Credebt® facilities compete with, and replace or complement, bank facilities.
Each of these works in a slightly different way:
Convertibill® revolving finance solutions compete with, replace or complement bank overdrafts. But there’s one key difference. Rather than borrowing money repeatedly, you can sell your contracts, supplier invoices, customer invoices or other trade transactions to Convertibill® regularly. Convertibill® can then provide you with a finance solution against these contracts.
Our repayment finance solutions are an alternative to bank term loans, which are repaid in instalments (usually monthly instalments). Often banks will require liens or personal guarantees before offering term loans. Instead, Convertibill® offers repayment finance solutions based on trading the day-to-day transactions of the business.
Convertibill® refinancing solutions can be used to refinance existing assets and loans. This type of Convertibill® business finance can also be used to finance new assets like machinery or capital items and rent them from Convertibill® — much like a lease. Or, you can use this type Convertibill® finance to “repackage” multiple loans and lease obligations into one single Convertibill® finance product. This way, you can reduce monthly repayments, improving cash flow, and enjoy the ease of making a single repayment each month.
Why Choose Convertibill® Business Finance?
Unlike other finance providers, Convertibill® can offer fast access to funds to a wide range of businesses. This is because we offer finance against your accounts receivables — the funds you have tied up or that are pending in invoices or orders. For this reason, Convertibill® rarely requires liens or personal guarantees. We also don’t apply credit limits.
How Easy Is It to Get Convertibill® Finance?
When it comes to business finance, we know time is of the essence, so we’ve created a speedy application and approval process. You can apply for Convertibill® business finance in less than a day. If approved, you’ll have access to funds within a few days of applying. You can start the process by applying online or contact us if you have any questions.
Who Uses Convertibill®?
Business owners from all walks of life are using Convertibill® business finance. From event organisation businesses to catering and construction companies, Convertibill® can help businesses in just about any industry.
Our customers come to us because they want to grow their business, and they need the capital to do so. Banks aren’t lending, not really, and many of our customers have come to us after failing to win the support of the banks. At Convertibill®, we want to help Irish businesses grow. So if we can help, we will help.
Is Convertibill® Business Finance a Form of Invoice Discounting?
Yes and no. Convertibill® Customer Finance can be used as a modern alternative to invoice discounting and factoring solutions. Just like with invoice discounting, you’ll receive a cash advance on unpaid invoices, but Convertibill® finance comes with a few unique benefits.
We offer invoice finance without the traditional restraints. You can finance as many or as few invoices as you need, without being “locked-in” to financing a certain amount.
Applying For Convertibill® Finance
If you’re ready to apply for business finance, you can either apply online or contact us by phone or email. Within 24 hours, you’ll receive a call from one of our Specialists. During a telephone call with you, they’ll get to know you and your business, so they can better understand your business finance needs.
We want to get to know many different aspects of your business: your customers, how your pricing works, how your business operates and so on. After this, we exchange information and then we’ll send you a one-page offer. If you accept the offer, we’ll transfer you to our Trade Desk, and your application will be processed. If approved, you’ll have access to your funds within just a few days.
Convertibill Business Finance has made the difference to 1,000s of companies across Ireland