Welsh businesses will be able to benefit from a new partnership between Barclays and MarketInvoice.
Business banking customers will be able to take advantage of innovative finance solutions to help them manage cashflow, which, in turn, will improve their growth potential.
Barclays has come together with online invoice financing platform MarketInvoice to enable businesses to upload their invoices and access money quickly.
Head of SME banking for Barclays Mike Hayden told Business News Wales: “We partnered with MarketInvoice to offer an innovative digital solution to address a cash flow challenged faced by many British SMEs [small and medium-sized enterprises].”
The partnership was originally formed in August 2018, and Mr Hayden said the relationship has “gone from strength to strength” since then.
Now, all business customers in Wales can benefit from MarketInvoice’s platform, preventing a cashflow problem.
As an invoice normally has a payment period, which can be up to 120 days, many enterprises are left without enough money while waiting for the bills to be paid.
However, the new finance solution enables businesses to unlock cash, so they can receive up to 90 per cent of their outstanding invoices straight away. They can even choose to fund some or all of their invoices, depending on the payment terms of the invoice.
According to Barclays, this will help SMEs grow as they could have more cash available to “fund new opportunities or invest back into your business”.
Companies that are eligible for the scheme are those that sell goods to other businesses; have a turnover of at least £100,000; have no bankruptcy or insolvency proceedings; and are a limited company of limited liability partnership registered in the UK.
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