OmniPay is a collaborative supply chain finance product that enables you to empower and strengthen your supply chain by providing them the option to receive early payment of approved invoices.
OmniPay means your suppliers and subcontractors can now be paid within 1 business day.
Not only is there no cost to you, we actually reward you with a cash incentive for allowing your supply chain access to the product.
No. There is no change to when you need to make payment; when OmniPay is used OmniPay provides the funding for the initial advance, and you then simply pay the invoice directly to OmniPay rather than the subcontractor, on the originally contracted terms.
No. Not only is there no cost to you, we actually reward you with a cash incentive for allowing your supply chain access to OmniPay.
How about an easier question; why not?
OmniPay relies on the collaboration between suppliers and customers. It is only offered with the support of the participating customer.
There are no joining, administration or management fees, and suppliers and subcontractors can choose which invoices they would like to be paid early for, even on an invoice-by-invoice basis.
If they elect to use OmniPay they will receive 85% of the value of their approved invoice within 1 business day.
For example, if their invoice was for $100,000, they would receive $85,000 within 1 day. They then receive the remaining $15,000 when their customer pays OmniPay for the invoice (less a fee).
Most debtor finance companies never disclose their fees; however we are proud to provide transparent and inclusive rates so suppliers and subcontractors understand what the real cost is.
– There is an initial fixed fee of 3.5% of the invoice value, which covers the first 30 days the invoice is outstanding.
– If the invoice remains unpaid after the first 30 days there is an additional 0.07% per day until you make payment.
These fees are all inclusive. OmniPay does not charge any additional interest, penalties, arrangement fees or management fees, avoiding the typical hidden charges many other finance companies rely on in order to market a “cheaper” headline rate.
Yes. As OmniPay relies on your financial strength to offer your supply chain early payment, not all companies will be eligible. Please contact us to find out more.
Yes; we want OmniPay to be a true win-win for all parties. Participating Partners will be paid an incentive of 0.25%-0.50% of any invoice value financed.
The incentive is payable when you pay within your originally agreed payment terms.
We’ve structured it this way to reward you for participating and to encourage you to pay your invoices on time, which limits the time that your supplier/subcontractor may incur additional fees.
No. OmniPay is completely optional; if they decide to join then they can elect to finance their invoices on an invoice-by-invoice basis, or not at all.
No. As OmniPay relies on your financial strength, there is no personal or real estate security required. After their initial application there are no more forms to complete, they can finance their invoices quickly and easily.