Yes, most of the invoices created in UKKO Entrepreneur for a private trader can be financed! You can fill out the financing application in our partner Rahoo's service at the same time you create an invoice for your customer.
With financing, you get the money into your account instantly and you don't have to wait for your customer's payment. This way your cash cycle will speed up and you will be able to predict your company's financial situation better!
This is how you apply for financing for an invoice:
- Create an invoice for your customer in UKKO Entrepreneur service.
- When the invoice is ready, the invoice creation page will indicate if it can be financed. You can access the financing application by clicking the "finance invoice" button at the bottom of the page.
- A pop-up window will open on the page, and when you click "make an application", you will go to our partner Rahoo's service to fill out the financing application.
- Next, check your invoice information and send the application. At the same time, you will already see a preliminary financing offer. Financier may contact you if they need more information.
- Wait until you receive the final financing offer in your email. Please note that your invoice cannot be sent until the funding application has been processed.
- The financier of the invoices is Corona Capital Oy, and you will receive a final offer from them in your email within one business day. When you accept the offer, your invoice goes to your customer and the financier pays the amount to your account, usually within one business day.
What are the benefits of invoice financing?
- Your liquidity improves when your cash flow accelerates. The money comes quickly, and you can use it to pay your purchase invoices, for example.
- You can get a better return for your money, for example in renewing equipment, when money is not tied to sales receivables. In this case, you can avoid applying for separate loans.
- You can grant your customers longer payment times, because your cash register does not depend on the payment of sales invoices.
- You can predict your company's financial situation much better when you receive the money from the credit provider almost immediately.
- You save on sending payment reminders, because the finance company handles the matter for you.
- You can also forget about debt collection: that is also left to the financing company.
Who grants the funding?
The financing application is filled out in the service provided by Rahoo Oy, and they forward your application to the financier. The loan is granted by Corona Capital Oy. You will receive a final financing offer and contract from them in your e-mail within one business day of filling out the financing application.
What if the customer doesn't pay my invoice?
If your invoice is financed, you can have no worries. You get the money in a day from the credit provider, and they take care of debt collection if your customer doesn't pay your invoice for some reason.
When can't you get funding?
The credit provider (Corona Capital Oy) makes the final decision on whether the invoice can be financed. However, you can apply for financing for almost all types of invoices if the following conditions are met:
- At least one invoice you previously sent has been paid.
- The value-added tax-free amount of the invoice to be financed exceeds 600 €.
- The invoice to be financed is addressed to a company (not a private person).
How can I contact the credit provider?
If you have any questions about the loan, you have received or the status of your financing application, please contact Corona Capital's customer service directly by email at firstname.lastname@example.org or by phone at 0290 300 400.