MarketInvoice is the first online invoice marketplace in the UK that allows businesses to obtain funding against their unpaid invoices from a network of institutional investors. Their Invoice Finance solutions are hassle-free, effective ways to help SMEs grow, as they grant faster and easier access to working capital.
Founded in 2011, MarketInvoice has since funded invoices worth over £1.9 billion.
They also fund business invoices from the British Business Bank, which is backed by the UK government. MarketInvoice is a member of the Peer to Peer Finance Association, which is the UK’s self-regulatory body for peer-to-peer lending.
MarketInvoice is a rapidly growing company with a simple, accessible online platform that allows you to easily trade your invoices for funding. Their flexible solutions also offer pay-as-you-go options that don’t tie you into long term contracts.
So, let’s get rolling with our review of MarketInvoice.
MarketInvoice endeavors to use technology to innovate and improve business finance. Their entire process, from application to invoice payment, is remarkably straightforward due to their commitment to transparency and personable service. Their offerings include:
- Online invoice marketplace
- Competitive ratesPay-as-you-go option
- Same day access to funding
- Flexible solutions
MarketInvoice’s web-based application is easy to navigate and is available 24/7, which makes their service more accessible than other Invoice Factoring providers. By going paperless, you eliminate administrative costs and save time, giving you more freedom to focus on your business.
MarketInvoice Costs and Fees
MarketInvoice has straightforward fees that vary according to factors such as your invoice value, expected payment date, and the number of invoices you’ve traded on MarketInvoice.
In total, your MarketInvoice fees will add up to 1-3% of your invoice value.
If you use MarketInvoice on a monthly basis, you’ll pay a fixed monthly fee. This saves you money if your business has consistent working capital needs, since you’ll pay the exact same amount each month.
However, if you use MarketInvoice on a pay-as-you-go basis, you’ll only pay according to the invoices you submit. If you want to access more funding from your other invoices, then you pay for those separately. This type of solution is suitable if your have fluctuating cash flow needs, or simply don’t need to use their Invoice Finance services that often.
In addition, you are also charged a simple listing fee of £15 to cover CHAPS payments, and a discount fee based on the funds you use.
MarketInvoice Products and Services
MarketInvoice funds invoices issued to customers across the world through fast invoice verification processes, as well as seamless accounting software integration. Their services enable you to easily trade your invoices and receive immediate access to funding.
MarketInvoice doesn’t set a minimum or maximum on the size of your invoice, nor a specific limit on the invoice collection period. You simply upload your invoices and supporting documentation onto their platform, then wait for MarketInvoice to verify your invoices and connect you with investors. Their flexible Invoice Finance products provide access to necessary working capital that helps you bridge cash flow gaps, grow your business, and fulfil customer orders.
MarketInvoice Selective Invoice Discounting
Selective Invoice Discounting, also known as Spot Factoring and SIngle Invoice Factoring, is the process in which individual invoices are sold to investors at a discount to raise working capital for your business.
After you submit your invoice, MarketInvoice verifies it on Verification Cloud and sends your customers an email asking them to verify the invoice. Then, investors on the MarketInvoice platform purchase your invoice and you receive up to 90% of the invoice value within 24 hours.
There are two daily funding sessions at 12pm and 5pm, which means that you could actually receive your funds in the same day that you submit your invoices.
Selective Invoice Discounting is available for limited companies and LLPs with annual turnovers of at least £100,000, or annualised income from the current year’s trading. Your business has to be based in the UK or Ireland.
Although MarketInvoice doesn’t offer inclusive Bad Debt Protection, they have the option for you to purchase add-on credit insurance and credit control support from partner organizations.
MarketInvoice Confidential Invoice Discounting
MarketInvoice Confidential Invoice Discounting is a whole ledger invoice discounting facility for businesses with ongoing cash flow needs and large quantities of invoices. Unlike Selective Invoice Discounting, Confidential Invoice Discounting sells the invoices in your entire sales ledger, and allows you to withdraw from available funds at any time.
The entire process remains confidential to your customers, who pays their invoices to a bank account set up by MarketInvoice in your name.
Confidential Invoice Discounting is ideal if your business is a UK/Ireland-based limited company or LLP, with an annual turnover of £500,000 or more, as well as 2+ years trading history. Alternatively, if you purchase MarketInvoice add-on credit control, the eligibility criteria lowers to a minimum annual turnover of £250,000 and only 1+ years trading history.
MarketInvoice Contract Finance
Contract Finance provides upfront cash advances against future revenue that is paid to your business on a subscription or ongoing contractual basis. All you need to do is upload your contracts, state the number of payments you want advanced, and receive up to 80% contract value within 24 hours.
MarketInvoice offers contract finance to UK or Ireland-based limited companies and LLPs, with at least 2 years trading history. Your contracts with UK companies should have turnovers of at least £6.5 million, while contracts with overseas companies need turnovers of £50 million or more.
MarketInvoice Business Loans
MarketInvoice also provides business loans with funding lines up to £100,000 on 12 month terms. You repay investors through simple weekly repayments, and won’t face any early repayment charges.
Interest rates begin at 1.9% per month, depending on your business size, loan term, and amount borrowed. You even have the option to ask for more funds, should you require them.
MarketInvoice’s flexible business loans are available for limited companies, LLPs, and PLCs based in the UK with minimum annual turnovers of £70,000 and 8+ months trading history.
MarketInvoice Customer Support
MarketInvoice offers telephone and email support during regular business hours, as well as online chat support that provides you help in real time. You can also visit their offices in London and Manchester, to speak to a representative and find out more about their services.
As a client, you have a dedicated Account Manager who understands your business needs, and is able to help you address your funding requirements.
MarketInvoice offers standard monthly contracts and flexible pay-as-you-go options that allow you to use their service whenever you need funding. If you’re unsure and want to receive a quote, you can submit your information to them and receive an accurate quote within 24 hours.
When you use their Invoice Finance service, MarketInvoice sets you up with a new Barclays account at no extra cost, which is where you will receive payments and conduct future transactions.
MarketInvoice has risen in popularity since its inception, and has garnered excellent client reviews along the way. Clients praise MarketInvoice’s simple solutions, flexible contracts, and helpful staff who are always on hand to help. Consistent open communication with their clients is a main factor that prompted many businesses to continue using MarketInvoice. In fact, their client retention rate is 81% over a 5-year period.
On Trustpilot, MarketInvoice currently has a 5-star rating from over 200 reviews. Compared to their competitors, MarketInvoice has considerably more reviews and a higher rating. Positive customer reviews glowingly recommend MarketInvoice, based on their hassle-free process and reliable service.
MarketInvoice is a large online marketplace for businesses to sell their invoices to a network of investors and gain immediate access to working capital. They are one of the top Invoice Finance providers in the UK, and compare well to prominent companies such as IGF, Bibby Financial Services, Skipton Business Finance, and Touch Financial.
|Invoice Finance Providers||MarketInvoice||IGF Invoice Finance||Bibby Financial Services||Skipton Business Finance||Touch Financial|
|Cash Advance||Up to 90%||Up to 90%||Up to 100%||Up to 90%||80-95%|
|Time to Receive Funding||Within 24 hours||Within 24 hours||Within 24 hours||Within 24 hours||Within 24 hours|
|Annual Turnover||Min. £100,000||Min. £100,000||Not specified||Not specified||Min. £25,000|
|Contract||Pay-as-you-go or monthly||Varies||Rolling, unlimited contract||Varies||Varies|
|Bad Debt Protection||Not offered, but has add-on credit insurance||Offered||Offered||Offered||Offered|
MarketInvoice are able to match their competitors on potential cash advances and speed of transactions. However, they offer considerably more flexible contracts that allow you to use their services whenever you need funding. MarketInvoice’s pay-as-you-go scheme is one of their most unique products, and is an incredibly useful funding tool for businesses with fluctuating cash flow requirements.
Should You Use MarketInvoice?
MarketInvoice is an online invoice marketplace platform that allows you to receive quick access to funding, with straightforward fees and flexible terms. Their Invoice Finance products offer a hassle-free experience and transparency, which is rarely found with other providers who often have hidden costs in their fineprint.
Whether you have ongoing funding requirements or only need to occasionally use their Invoice Finance services, MarketInvoice accommodates your business needs. You don’t need to wait for an Invoice Finance facility to be set up for your whole sales ledger, as you only need to upload your individual invoices to their online platform to receive your funding.
MarketInvoice is absolutely trustworthy and safe to use. They are members of the Peer to Peer Finance Association and are backed by the British Business Bank, who also funds invoices through MarketInvoice. You also don’t need to worry about your invoices not being sold, because MarketInvoice reports that 100% of listed invoices have been bought out by investors.
It’s important to understand that while MarketInvoice doesn’t offer in-house Bad Debt Protection, they offer additional credit insurance from Euler Hermes that you can purchase separately. If you opt out of credit insurance, then you take on the credit risk. If your customers become insolvent and cannot pay their invoices, you need to refund the investors their money owed. This is known as recourse factoring, whereby you take on the responsibility of your customers’ credit risk.
MarketInvoice is a rapidly growing company that provides UK businesses with a smart, online platform to sell their invoices for immediate working capital. They act as a business finance intermediary to connect businesses with institutional investors who want to support business growth. MarketInvoice is backed by the British Business Bank, and is also partners with well-known companies such as Xero, PwC, and KPMG.
MarketInvoice is an increasingly popular alternative to slow, bureaucratic Invoice Finance providers. Their technological innovation is reflected in their easy-to-use platform and paperless methods that reduce administrative costs, while saving you valuable time.
If you’re interested in finding out more about MarketInvoice or receiving a quote, be sure to reach out to a customer representative.