A step-by-step guide to using your credit facility:
1. To view your credit facility, click on the credit facility found under the 'Financing' tab on the side-bar on the left.
Note: Depending on the type of your credit facility, it may be named differently under the 'Financing' tab, e.g. 'Receivable Finance', 'Recourse', 'Non-Recourse' and other variations. For the purpose of illustration, the credit facility used in this guide will be 'Receivable Finance':
2. On the 'Receivable Finance' page, the top section shows you a summary of the credit facility.
'Credit usage' - shows how much credit you have drawn down from your approved limit.
'Ready for submission' - refers to the total value of the invoices you can submit for financing.
'Pending' - shows the total value of invoices you have submitted, and are pending acceptance.
'Available for drawdown' - shows the total amount of funds that is ready for drawdown.
3. If you don't have sufficient balance that is 'Available for drawdown', you will need to submit more invoices for financing. You can do this by selecting invoices and uploading them using the 'Submit invoices' function below.
Once you have reviewed them, simply hit 'Confirm request'.
4. The invoices that you have submitted can be seen under 'My Submissions'.
It may take up to 24 hours for the status to change from 'Pending' to either 'Accepted' or 'Declined'.
5. Once your submitted invoices have been accepted, they will be visible under the 'Accepted Submissions' tab.
You will also see the amount 'Available for drawdown' increase by the value of the newly accepted invoices.
6. Lastly, in the section 'Drawdown Your Funds', simply enter the amount you wish to draw down in the empty field. Then, click 'Drawdown Funds'.
You will be shown a prompt for you to double check that the amount you have entered is correct. Click 'Confirm Drawdown' once you've checked that everything is in order.
A confirmation to notify you that your request has been sent will then be shown. Click 'Close'. And you're done!
It may take up to 24 hours to receive the funds in your bank account. Your balance in 'Available for drawdown' will decrease after the funds are transferred.