Earlypay chairman Geoffrey Sam had called in the bankers after learning of its largest shareholder, the ASX-listed COG Financial Services’ intention to sell its 21.4 per cent stake in the company should a decent-enough offer present itself. Earlypay’s board had decided it was better off hanging the for-sale sign than making home with a new majority shareholder.
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Earlypay offers small-to-medium enterprises early payment on 80 per cent of the invoice value, accessible via its online platform that integrates with major accounting software providers like Zero and MYOB. The product set includes invoices, equipment and trade financing, to help business owners manage working capital. And the loans turnover fast; within 60 days and often less.
It charges the clients an interest rate on the funds drawn, plus an administration fee on the invoice’s value. Within Earlypay’s fee, it provides trade creditor insurance and help for customers to collect debts from their buyers, services that the banks do not offer. It does not require business owners to pledge any personal assets against loans.
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