Invoice Finance
Turn your invoices into cash to unlock up to 85% of their value up front in minutes. Boost your business cash flow to help manage expenses and growth opportunities.
What’s Invoice Finance?
Invoice Financing, also known as accounts receivable or debtor finance, assists companies with bridging cash flow gaps between issuing an invoice and receiving payment. The amount accessed is dynamic and changes in line with the outstanding customer invoices in your system without the need to reapply.
Introducing a new digital Invoice Finance solution
In partnership with Dancerace, Westpac Invoice Finance gives you access to a self-service portal available 24/7, allowing you to drawdown funds within minutes.1
Seamlessly sync your Westpac Invoice Finance facility with Xero accounting software, saving you time on paperwork and administration.
Already opened a Westpac Invoice Finance facility? Click here to sign in
How Invoice Finance could boost your business cash flow
Fast access to cash
Turn your invoices into cash in just minutes. Excludes weekends and public holidays.
No extra security
No real estate security is required. You only need to supply your invoices.
24/7 self-serve portal
Upload invoices in seconds, reducing paperwork and admin. Option to sync with Xero.
Grows with your needs
The more invoices you issue, the more funds you can access for your business.
Enjoy ongoing support from your dedicated client manager
You'll get help from a team of Invoice Finance experts whenever you need it. They’ll support you and your business every step of the way, for the life of your financing.
How Invoice Finance helps manage business cash flow
Don’t wait for invoices to be paid to access the money. Discover how Invoice Finance could help businesses manage their cash flow.
How Invoice Finance aims to help businesses manage cash flow
Is invoice financing right for my business?
Busting the myths about Invoice Finance
Myth 1: I won’t receive the remaining balance of my invoices
- That’s false. You can draw up to 85% of the value of your invoices and will receive the remaining balance once they are paid by your debtors, minus any fees and charges.
Myth 2: I'll have to pay if a customer doesn't pay their invoice
- Absolutely not. Invoice Finance is a flexible line of credit, so if a customer doesn't pay, it only affects the future funds you can access. The available funds are updated based on future invoices you issue and customer payments you receive.
Myth 3: My customers will find out and I'll lose their trust
- No, it’s confidential. We keep your Invoice Finance arrangement confidential. You'll still manage your customers and collect their payments, but only you and Westpac will know about your funding.
Myth 4: Invoice Financing is for failing businesses
- That's not true. Many successful companies use this type of funding to grow their business. The more you invoice, the more funds you can access.
Myth 5: Invoice Finance is expensive
- Not always. You may pay more than for some secured loans, but you'll only pay for what you use, including an establishment and line fee. Plus, you can get more funds than with an overdraft, and it's cheaper than borrowing without security.
How it works
Step 1: Enquire
Contact us and a specialist manager will get in touch. They’ll talk to you about your business, financing needs and Invoice Finance eligibility.
Step 2: Apply
Complete the online application and upload your documents. You can automate the process if you use Xero for accounting software.
Step 3: Approval
Receive and accept your Invoice Finance quote. We'll keep you informed about your application progress and send you the facility agreements.
Step 4: Drawdown
Once approved and your Invoice Finance facility is set up, funds will typically be released within minutes. Excludes weekends and public holidays.
Ready to get started?
Submit an enquiry
Leave your details and one of our specialist Invoice Finance managers will get back to you within 1-2 business days.
Frequently asked questions
If your business doesn’t meet our requirements, it could mean that you’re:
- A small business
OR - In an industry not suitable for Invoice Finance.
Then, you might want to consider an alternative line of credit that could assist with cash flow. A business overdraft could give you the cash injection your business needs for reliable working capital.
They're all forms of business finance raised against unpaid invoices, which help free up cash flow and maintain working capital.
Invoice Factoring is when you sell your invoices to a finance company. They then collect the money directly from your customers. This means your customers will know you're receiving funding.
On the other hand, Invoice Finance, Debtor or Receivable Finance and Invoice Discounting provide access to funds against all or specific unpaid invoices.
With Westpac's Invoice Finance, you'll get finance based on all your invoices. Your customers will never know. You'll continue to collect any outstanding invoices directly. Plus, you can get quick access to more funds as needed, as the availability of funds is recalculated as new invoices are issued and payments are made.
As your unpaid invoices are used as security for the loan, all invoice payments must go into a Westpac business transaction account. This account will become your dedicated collection account. It will have your company details, so your customers feel comfortable paying into it.
All receipts are sent to us overnight to pay back the advances made to you. This lowers the outstanding balance and reduces any interest payments on the account. If you already have a Westpac business transaction account used for customer payments, this can be your dedicated collection account.
This account is for your customers to pay their invoices. We use the invoices as security for advances we make to you, so any funds in this account will reduce the balance of those advances. You'll have view-only access to record payments for your financial records.
Any drawdowns are paid into your business transaction account. You can then use these funds to pay suppliers and overheads. This business transaction account is separate from the dedicated collection account.
Our system automatically syncs with Xero accounting software. This helps reduce manual effort on your part and provides additional reporting and insights on payment trends. The ability to sync with other major accounting software is coming soon.
Collecting debts early is good business practice. As we don’t interfere with your customers or collection process, you must stay on top of your outstanding customer invoices.
If your customer doesn’t pay on time, you’re not required to pay anything, however, the amounts will be disapproved/deducted from your available funds. If they eventually pay, this will cover the outstanding amount. Suppose they don’t pay or can’t pay? In that case, any future invoices you issue and payments from other customers will cover any shortfall.
Keep exploring
Loans & finance options
Sign in to Westpac Invoice Finance
Select when you opened your facility to sign in to Westpac Invoice Finance.
Things you should know
Credit criteria, fees, charges, terms and conditions apply. Talk to your banker for product details.
1. Access to funds is subject to systems availability. Excludes weekdays between 10pm and 7am, weekends and public holidays.
Find out what information you need to provide to become a customer.