MarketInvoice, which bills itself the largest peer-to-peer online invoice finance marketplace, is launching a new incentive plan for referrals from accountants, commercial finance brokers and financial advisers in a bid to double lending to £2bn in 2017
Under the company’s new commission structure, it is offering partners, including accountants, a 40% share of the MarketInvoice subscription fee (in the first year) from all new clients referred to MarketInvoicePro and 20% every year they remain a client thereafter.
Anil Stocker, co-founder and CEO, at MarketInvoice said: ‘In structuring this commission structure, we acknowledge the trusted status which accountants, commercial finance brokers and financial advisers have with businesses. We want to build on that trust and deliver additional value to their clients across the country, whilst ensuring that they benefit from our success.
‘80% of businesses that come to MarketInvoice have never used invoice finance previously and over time, we have built an 81% retention among them over five years. These businesses grow, typically 35% per annum whilst they remain with us; we want to be able to service them further as they head into peak growth phases and MarketInvoice Pro provides the means to do so.’
Accountants who become partners with the lender will have access to a portal to refer clients directly to and track their progress. They will receive transparent updates on commissions and the support of a dedicated partnership manager.
On the portal, clients will be able immediate apply for an invoice finance facility and be given an indicative quote. Once MarketInvoice has run their due diligence and funding decisions are made, the client account will be set-up and funds can be ready to withdraw from within seven days of set-up.
MarketInvoice was launched in 2011 and is based in London and Manchester. Businesses can choose between having a funding line against their outstanding invoices (MarketInvoice Pro) or decide which invoices (Select) they want to finance, and the lender says the aim is to help companies unlock tied-up cash in 24 hours.