Cash Connector FAQs
Get a quoteLearn About Cash Connector
What is Cash Connector?
Cash Connector provides flexible funding for Australian businesses. The credit limit is determined by the unpaid invoice values. Cash Connector customers also enjoy the flexibility to choose which invoices to fund.
Live integration with accounting software providers like Xero, MYOB & Quickbooks Online makes borrowing easy. Obtaining a quote, setting up your account, requesting funds and ongoing bookkeeping is all made simple with Cash Connector.
How much does Cash Connector cost?
Cash Connector offers highly competitive rates which are tailored for each business. Unlike some other providers, you only pay a fee on the funds you draw.
Will applying impact my credit score?
Creating a Cash Connector account will have no impact on any credit scores and is obligation free. However, a credit assessment is required prior to making funds available. Cash Connector will only perform the credit enquiry when you let us know you would like to proceed.
Getting Started
Is Cash Connector right for my business?
The following eligibility criteria applies for applicants:
-
An Australian business which invoices other Australian businesses
-
Trading for 9 months or more
-
An incorporated business or Trust
-
Invoices upon completion of work
-
A minimum of $10,000 in invoices
How do I apply for Cash Connector?
Start by connecting your accounting software to obtain an offer and get started. Once connected we will give you a call and provide a written offer. Simply let us know if you would like to proceed.
How fast can I access funds?
Cash Connector aim to get you set up within a few days. We rely on applicants providing information in a timely manner.
What documents do I need to apply?
When applying for a facility, Cash Connector may request director’s IDs, bank statements or documents relating to invoices.
Why do I need to connect my cloud accounting software?
Connecting makes the application process simple, fast and efficient. The integrated system makes bookkeeping a breeze and removes the hassle of administration.
Should you choose to proceed with Cash Connector, the integration is kept live to automate the ongoing credit line. If you choose not to proceed, simply disconnect.
What information does Cash Connector need from my accounting package?
Cash Connector will review data relating to invoices, historic customer payments and financial statements.
Is there a contract?
Yes, Cash Connector will issue a facility agreement which outlines the basic terms and costs. Generally, there is no minimum contract period or minimum spend.
Will my customers know I’m using Cash Connector?
Cash Connector offer confidential and disclosed facilities. We’ll let you know which one you qualify for upon connection.
What about data security?
Your data is transferred using industry standard 256-bit TLS encryption technology. Cash Connector houses your data within an Australian data centre, configured with multiple firewalls and network intrusion detection technology.
What does certified accounting add on mean?
Accounting software providers take necessary precautions to ensure add-on partners like Cash-Connector are safe and beneficial to users.
Using Cash Connector
How is my borrowing limit calculated?
Your funding limit is determined by the total value of the eligible invoices you choose to fund against. Cash Connector will advance up to 80% of the total amount, with the remaining 20% available one the invoice is paid (less administrative costs).
How do I nominate customers?
Nominating customers is easy. Once approved by Cash Connector you will can choose which customers you would like to fund from your dashboard.
How do I draw funds?
When you need funds, simply log into your Cash Connector dashboard and request a draw down. Enter the amount you require and choose from express or overnight.
Do my customers have to change the account they pay to?
Yes, all nominated customers must pay into your Cash Connector bank account. We will provide you with the bank account details during the on-boarding process.
How do repayments work?
Your nominated customers are required to pay into a Cash Connector bank account which pays down any loan balance. When you have no balance with Cash Connector, we simply transfer any payments back to your business bank account automatically.
How do I add more customers for funding?
Simply nominate additional customers from your Cash Connector dashboard. If you wish to de-nominate a customer please give your account manager a call.
What makes an invoice eligible for funding?
Invoices which are eligible for funding must be raised upon completion of service or delivery of goods. They must be payable by another credit worthy Australian business. And they must be no more than 90 days old.
How much work is involved?
Cash Connector is designed to save you time. Integration with your accounting package means credit limit is always up to date and your bookkeeping stays the same.
Will I need to upload invoices?
You will never need to upload invoices.
How is interest calculated?
Interest is calculated daily on the outstanding balance and added to the account balance each month.
How do I pay my interest and fees?
Fees and interest incurred are simply added to your account balance. Any customer payments will pay off any fees charged by Cash Connector.
Do you have multi-user access?
Yes. You are welcome to give user access to whomever you see fit.