Our fees and charges compare very favourably to other costs associated with managing trade accounts and payments, and are certainly cheaper than factoring or BNPL solutions. In our most popular scenario, customers get 45 days at no cost (within a total of 120 days to pay) while you, the supplier, get paid within 3 days. This scenario would cost only 1.75%. Terms and conditions and other charges apply, and further details will be provided on enquiry.
Great question. You will get paid upfront. Your customers will get longer payment terms and larger limits. You will be able to align default risk with Genieum. You will be able to encourage trade loyalty via a Rewards Program and run sales promotions based around trade credit. All these benefits will improve your cash flow, increase your sales and reduce your risk.
Good question. Genieum is neither factoring nor lending. Genieum provides suppliers and their buyers with better trade credit. Your original invoices will be restated via the Platform, settled by Genieum subject to agreed upon settlement parameters and then Genieum will become the creditor of the retatated invoice amount via novation and subject to early payment incentives. You then get paid in 3 days, while your customer gets 120-day payment terms with early payment incentives. You will not be selling invoices, borrowing money or granting any security.
If you currently sell to other businesses on invoice payment terms (aka trade account or trade credit terms) (or you would like to!) and you have been trading successfully for at least 12 months, then you would be eligible for Genieum. We have clients of all sizes operating in all industries.
No. Genieum is straightforward to adopt. There is no locked-in minimum contract term. You take, fulfil, deliver and invoice for orders from your customers like normal. Following agreement with you and your customers, you can restate invoices via the Platform and receive a settled amount from Genieum within 3-days subject to agreed upon settlement parameters. Genieum then becomes the creditor of the restated invoice amount payable by the customer via novation and subject to early payment incentives. You can exchange information with our technology platform via our integration options or secure file transfer. We simply ask that you stop supplying your customers when they are having difficulty paying us, just like you would normally do if they were very late paying you.
Excellent question. What business would not want larger spending limits and longer payment terms? Particularly if they don’t need to change their work practices or systems. 80%+ of surveyed businesses want Genieum. In any case, you can run surveys to test demand and select only those customers you think are best suited. If they want it great, if they opt out, then sad but we of course respect their choice. At the very least and unlike factoring – they will see you positively as only trying to help their cash flow.
While we are here to answer your customer questions, we will not engage with them on any arrears or debt recovery until you have had up to 14 days to work with the customer and bring their account back in good standing. You will also have real time data on the payment behaviours and Account status of your customers.
Nil. There is no interest. There are no transaction fees if restated invoices are paid within the 45-day or longer payment window we set with your Supplier. After this window, dynamic early payment incentives of about 2% p.m. apply for the maximum 120-day payment term.
Great question. You will get minimum 45-days interest free within up to 120-day payment terms. You will get larger spending limits to carry more stock. You will be rewarded for your loyalty. All these benefits will improve your cash flow, increase your sales and reduce your risk.
Good question. Genieum is neither factoring nor lending. Genieum is not a lender and does not provide traditional credit to either the Supplier or the Buyer. Genieum provides Suppliers and their Buyers with better trade credit under a Member Agreement. These master terms apply to the settlement and novation of restated invoices via the Platform. There will be no impact on standard ordering, delivery, invoicing and non-payment terms applicable to the goods and services under the Supplier-Buyer relationship. Subject to the Member Agreement terms, Genieum will settle restated invoices to Suppliers within 3-days and Buyers get a maximum 120-day payment term to pay Genieum the restated invoice amount subject to dynamic early payment incentives.
Good question. If you buy from businesses on invoice payment terms (aka trade account or trade credit terms) (or would like to!) and you have been trading successfully for at least 12 months, then you would be eligible for Genieum. We have clients of all sizes operating in all industries.
No. Genieum is straightforward to adopt. There is no locked-in minimum contract term. You place orders and deal with your suppliers like normal. Genieum agrees with you and your supplier the terms of invoice novation and restatement without interfering in the normal ordering, delivery and invoicing process. If you would like, we can automatically update your accounting systems via our technology platform integration options.
You will have an account on the Genieum platform. You can log in and process payments, access reports and monitor all your transactions. You will also receive monthly statements and text and email payment reminders so you can stay on top of your transactions and payment obligations.
Thank you for your interest. Please let us know how we can help.
