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Frequently Asked Questions - All Articles

  • What is the minimum turnover required? 2654 Views

    We do not have an absolute minimum and we will even fund just a single invoice if that is required.  If your business is just starting out and you do not know what your turnover will be, you are welcome to set up a facility in anticipation of the turnover that you may or may not have.

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  • What happens if a debtor does not pay when using a factoring facility? 2389 Views

    Invoices are factored for up to 120 days from their creation date. Typically a factoring company will require that the debt is repurchased at this point. The invoice becomes "disapproved" and any funds made available for that invoice will be withdrawn. Usually new invoices will make up any...

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  • What if I do not own a property? 2371 Views

    There is a dogma shared by many that you need to own property to borrow. This is simply not the case, we focus on the business itself rather than the assets of it's owners. In most cases the financial position of the borrower will make no difference at all. You do not need to own property to...

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  • How much does it cost? 2070 Views

    Factoring Fee

    Factoring fees are charged on business turnover.  This fee may range from 1 – 5%.

    For example if a $10,000 invoice is factored and the approved fee is 1% then a fee of $100.00 will be charged. 

    The administration fee is charged to cover the costs of administering the...

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  • What if I don't want you to contact my customers? 1975 Views

    You may be eligible for an undisclosed facility where you customers are not notified of the factoring arrangement. If not we also may be able to offer a cooperation factoring facility where all of the collections are performed by you rather than us.

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  • What will my customers think? 1867 Views

    Concern over customers being made aware of the factoring relationship is probably the biggest objection to factoring take-up, but for the most part the concerns are unwarranted. 

    In most large companies the accounts payable update the payment details.  They ussually will have a large number of...

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  • How long does it take? 1661 Views

    If all information is provided we undertake to approved or decline the facility and provide you with the offer and security documents within 24 hours.

    If  you are satisfied with the offer and provide all of the take-on documents we can ussually settle 24 hours. 

    From first contact we can have...

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About Us

My Business Finance is all about small business. Able to obtain flexible invoice finance and cash flow solutions, My Business Finance makes the application process simple and can have cash paid to your business account usually within 48 hours.

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Contact Details

Level11, 126 Vincent Street, Auckland

Phone 0800 386 382

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