Two lending specialists have launched cloud services to streamline collection and payment for professional services companies.
The Australian-based QuickFee paid clients’ invoices to accounting and legal firms within five business days while giving the clients a monthly payment plan. The QuickFee service was free for participating firms and aimed to reduce time in debt recovery and improve cash flow.
Clients could avoid lump sum payments by paying their annual accounting and legal fees on a monthly basis.
US company Fundbox offered to pay outstanding invoices to businesses struggling with cash flow. The business then repaid the invoiced amount plus a fee over 90 days. A business could choose to repay the amount early and avoid fees for the remaining period.
The service was aimed at businesses that sent invoices or sold on credit, including creative professionals to manufacturing.
Fundbox was restricted to businesses based in the US with at least six months accounting data, and was compatible with Xero online accounting software.
Image credit: QuickFee