Invoice finance agreements will be priced based on your business and requirements, however invoice discounting and invoice factoring have different fee structures.
Invoice discounting is structured like a loan, with interest payable plus an administration fee.
Invoice factoring charges are known as a ‘factor rate’, which is based on level of risk, volume of invoices, and the time credit is extended for, amongst other factors.
There are no other documents, objects or shadows around the cheque
It lays flat on a dark, plain surface, under good but not too bright light; preferably, the cheque shouldn’t be placed on wooden surface
All 4 corners of the cheque must be visible in the frame
When you’re ready to make the deposit:
In the app, tap: ‘Get paid’ > ‘Deposit cash and cheques’ > ‘Deposit cheques’. If this is your first deposit - read and agree to the Terms & Conditions.
Enter the amount and reference, and tap ‘Next’.
Hold your camera horizontally over the cheque while the app captures the details. At the ‘Review photo’ stage, you’ll see a black-and-white image of the cheque. Make sure that all details are clearly visible – including the account number, sort code, signature, payee name, amount, and date. If any details are unclear, please retake the cheque images.
Once you’ve confirmed that everything is correct, you can submit the cheque deposit.
When will I receive my cheque deposit?
Cheques will normally clear in 2 business days.
On the back of the cheque itself, make a note of the date you deposited it. Keep the paper cheque for your records.
If you’ve enabled your in-app notifications, you’ll see a message to confirm the cheque payment. It will show on your transactions timeline, and in your monthly statement - as ‘Cheque’.
