[Limited Release] Introduction to Invoice Advance
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[Limited Release] Introduction to Invoice Advance
This content covers a different version of our accounting software. Would you like to learn more about invoices with Wave?
With Invoice Advance, you can quickly access funds from invoices before ...
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What are the eligibility criteria for an invoice to be available for an advance?
But in all honesty that is something we're still working on as we build out this function. Until we have everything pinned down and in place, we won't be able to reveal exact eligibility qualifications, as they are frequently modified or tweaked. Once we are able to let users know though, we will update our communications!
I really like this feature, but I'd like it a lot more if …
1) Repayments only started after the net terms (or 30 days standard?) on the invoice have lapsed.
2) Option to pay back in full as soon as the invoice gets paid in Wave.
This is obviously only available on low-risk/zero-risk invoices, so having it split over four withdrawals—which start automatically after 2 weeks—is unnecessarily messy, and just something else that needs to be tracked.
Also, if someone is going to use this, it is obviously because they have cash-flow issues. So forcing repayments just two weeks after giving the advance defeats the purpose in my opinion. At least wait until invoice is overdue before starting to collect.
Otherwise happy to see these features roll-out!
Interesting, I just saw this today pop up in my dashboard. A couple thoughts :
1) I agree with johnm, having the option to re-pay the advance in full immediately would be excellent. It shouldn't be a negative for Wave at all - still make the business pay the flat 3% regardless if you pay in 2 weeks or 8 weeks. Often times I can see it being handy to use an advance, but I don't like the thought of having it linger over me for 8 weeks. I can see many use cases for me utilizing this for a quick 2 - 4 week turnaround. Sometimes having that extra cash flow would be nice.
2) Hiding the eligibility criteria is just silly. My two outstanding invoices are eligible now, but I have no idea why. As a business owner I would like to know why so I can make plans with this in mind. I don't care if you tweak the criteria, just let us know what changes you make. Or maybe just approve businesses with a funding cap (like you do now) and just leave it at that? I'm not sure what the best bet is, but it should be clear.
Other than that though I think this is great! Interest rate is perfect and seems like a solid idea. I can see us using this from time to time.
EDIT : Okay I went ahead and gave this a try on the smallest invoice I had available. Turns out I spoke before I tried! You can pay back the invoice in full immediately. Well done Wave! You guys are knocking these features out of the park!
I don't know yet. I will keep an eye on the reviews before handing over a percentage of my invoice.
@johnm @brandyn Thanks so much for weighing in. This is a really exciting time to be able to launch a product like this in the Wave ecosystem. It's very much "version 1", and like many of the products in Wave, there is definitely room for reflection and innovation on the current way that we look to address helping business owner's with temporary cash flow issues. Your feedback (and the feedback of others in this thread) prove the need for Invoice Advance, and as we continue to scale and grow, your feedback is super valuable. Thanks for taking the time to let us know your feelings, and please know that this will be passed along to our Product Team here at Wave HQ!
Hey @brandJess and @jwramsay - thank you for this feedback. Our Invoice Advance function is still in its beta stages. Right now the availability of Invoice Advances and their corresponding rates are subject to a number of factors, including credit history, business type and history, and a number of other regulatory and security factors. We're looking to make this system the best we can so that it is a helpful and usable service for businesses, so feedback is more than welcome, and definitely appreciated!
Also @brandJess - did you receive the money today? This is something we can dig into!
Hey there @RHart
This is a great question. Let me try to explain it to the best that I can given the info we know from our accounts management team and their risk policy.
Invoice Advance is a new product within Wave, as a result we're still learning how it effects both us here at Wave and our users who are utilizing it. Wave's risk policy is still being developed and therefore not all invoices are eligible for invoice advance. Eligibility is determined based on a number of criteria including invoice size ($), status of user and customer information. As we scale and learn from this product will will continue to revisit this criteria to ensure we're meeting our business owner's needs.
With that being said, over time the eligibility for an invoice is likely to expand and broaden as we move forward. Hope this gives you a fragment of insight into what may qualify for an advance. Stay tuned for more information once this feature is not just in a beta stage!