MarketInvoice continues on its mission to extend its services to a broader range of businesses. The invoice finance platform, which recently launched a new longer term funding line (MarketInvoice Pro), has forged a strategic alliance with credit management specialists Veritas Commercial Services.
Veritas is a leading credit management firm with a digital sales ledger platform called VeritasVirtual. Its customers use this platform to monitor the status of outstanding payments. The MarketInvoice platform has now been seamlessly integrated into VeritasVirtual, offering small business users access to MarketInvoice Pro – a funding line which is secured against their outstanding invoices.
Typically, SMEs must be turning over a minimum of £1m to qualify for the funding line product, but Veritas customers need only be turning £300,000 – so long as they have also adopted Veritas’ credit control add-on. MarketInvoice has said that the data that will be made available via the partnership will allow it to offer better funding rates to small businesses. Any businesses taking advantage of the offer will benefit from a discount in pricing to Veritas’ usual credit management subscription fee.
Veritas boasts over 400,000 business customers in the UK – a substantial network for MarketInvoice to tap into.
“Invoice finance helps to bridge long payments terms and credit control prevents late payment, all with aim of improving a business’ working capital cycle,” said Anil Stocker (pictured), CEO and co-founder of MarketInvoice. “The strategic alliance with Veritas will enable us to support a broader range of businesses across the UK. We are excited to be helping even more businesses take charge of their cash flow and not let a lack of funding get in the way of the growth.”
MarketInvoice already has a number of integrations of this kind in place with online accountancy firms, such as Xero and Sage. More broadly, these sorts of partnerships are commonplace across the online invoice finance space globally, as lenders within this niche rely heavily on transactional data in determining the likelihood of an invoice being repaid.