How businesses like yours get paid faster

InstantPay is an early invoice payment solution from Previse. InstantPay enables payment of your invoices within one business day of entry into your customer’s system.

You continue to send invoices to your customer using the same method and details as today. Once the invoice enters your customer’s system, InstantPay’s algorithms decide if it can pay you early. The software approves and sends payment for over 98% of invoices within one business day.

You do not need to change your bank account or set up a credit facility.

Once paid, InstantPay waits for standard terms and then collects the full invoice value from your customer.

For example, assuming your standard terms are 60 days:

1. You submit an invoice to your customer.
2. Your customer enters it into their system.
3. InstantPay authorises an early payment.
4. InstantPay immediately sends your payment (with a small administration fee deducted).
5. InstantPay waits 60 days and takes the payment of your invoice from your customer.

A small number of invoices do not qualify for early payment. InstantPay pays these invoices according to your standard terms. There is no fee for these “passthrough” payments.

To access InstantPay, your business must:

• be a supplier to a company offering an InstantPay programme
• be registered in the UK

The following business types are not eligible:

• Banks, Insurers and Reinsurers (but not insurance brokers)

You pay a small fee in return for receiving faster payment, typically 1% per 30 days of early payment.

So, for example, a £1000 invoice paid 20 days early would cost £6.58 and pay you £993.42. That’s just £0.33 per day.

There are no charges for you if your customer is late paying us. Your fee period is the number of days between early payment, and your standard terms agreed with your customer.

There is no minimum contract period for InstantPay. You can cancel at any time.

There is no need to provide security or charges over assets as this is not a credit or finance product but an early payment of an invoice.

As InstantPay is not a credit or loan facility, there is no impact on your credit rating or eligibility to access other funding types.

You can inform us that you wish to cancel InstantPay at any time.

Online: https://instantpay.co/opt-out/

By email: help@previ.se

By telephone (UK business hours): 020 8158 8638

No, not at all. InstantPay is only available where we are already working with your customer to offer you InstantPay.

On our standard InstantPay plan, every invoice sent to your customer and entered into their system will be evaluated for InstantPay and, if eligible, paid on the next working day.

One of the advantages of InstantPay is that it eliminates any chasing of invoices, reducing your time spent on administration and freeing you up for your business.