Media releases
Westpac launches digital invoice finance solution
3 April 2025
New data from Westpac has revealed that one-third (38%) of businesses identify cash flow issues as one of their biggest operational challenges with 45% reporting lost time chasing late payments[1].
Westpac today announced the launch of a digital invoice finance solution powered by FinTech, Dancerace. By integrating directly with cloud-based accounting software, the offering can cut the application submission time in half[2].
“The days of businesses emailing spreadsheets back and forth are over. We’re removing some of the main barriers that have historically prevented businesses from accessing working capital when they need it most,” said Tamara Bryden, Westpac Managing Director, Business Lending.
“Our invoice finance solution allows businesses to turn their unpaid invoices into near instant cashflow. The self-service portal is available 24/7 and our real time drawdown means that once approved you can access funds within minutes freeing up cash that businesses can put to work right away,” said Tamara Bryden.
The survey data also revealed just over one in ten (11%) businesses wait 1-2 months to receive payment on invoices with larger businesses waiting longer than smaller businesses on average. As a result, a third (34%) of businesses experience direct cash flow problems with delayed payments to their own suppliers (27%) and the inability to pay staff (11%).
“We’re not just offering finance, we’re giving business owners their time back, while helping to solve one of their most pressing cash challenges,” said Tamara Bryden.
The data shows that invoice finance would be a more accessible solution for many businesses if it was integrated with their accounting software (83%). While those who have used invoice finance believe the process would improve if it included a digital application system (45%) and a 24/7 self-service portal (42%).
“The good news is that’s exactly what’s on offer with our new invoice finance solution. There are significant opportunities for us to help customers manage their cashflow more efficiently,” said Tamara Bryden.
“You don’t need a property to secure invoice finance so if you’ve got a good business but you’re renting and need a cash flow injection, this is a good way to go,” said Gary Coutsoudis, founder of Global Trade Logistics.
Global Trade Logistics (GTL) is a family-owned business specialising in the transportation of diverse goods across Australia, Asia, Europe, and the US. They use invoice finance to help their business grow rapidly.
“With invoice finance, we get 85% of the invoice upfront, freeing up cash we can put back into the business. So, if we have a client with a $70,000 invoice, we can access $59,500 immediately."
For more information on Westpac’s invoice finance solution please visit: Invoice finance | Westpac
ENDS
[1] The research was commissioned by Westpac and conducted by Lonergan Research in accordance with the ISO 20252 standard. Lonergan Research surveyed 501 Australian Business leaders 18+ with surveys distributed throughout Australia including both capital city and non-capital city areas. The survey was conducted online amongst members of a permission based panel, between Wednesday 26th of February and Tuesday 11th of March 2025. After interviewing, data was weighted to the latest population estimates sourced from the Australian Bureau of Statistics.
[2] Eligibility and credit criteria, Terms & Conditions, fees & charges apply.
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