News Article

IT & Internet

SMEs to benefit from quick online access to invoice financing through Basware Advance

By CreditMan Monday, November 2, 2015

Basware, the leading provider of e-invoicing and purchase-to-pay solutions, today announced Basware Advance, an online solution for small and medium enterprises (SMEs) to gain better control and management of their cash flow. Basware Advance gives SMEs timely access to robust financing options, offering companies the liquidity they need to maintain a stable cash flow.

SMEs today know that good cash flow management is crucial to their ability to react and to operate flexibly, and their ultimate success. Either as a long-term or ad hoc strategy, access to financing options without bank agreements offers a simple and effective way to achieve this. Basware Advance connects SMEs to the Virtaus cloud financing tool through the Basware Commerce Network, to get funding for invoices.

Using the Basware Advance solution within the Basware Commerce Network, where they can also send e-invoices, SMEs can see the status of invoices, specify the details of the financing required, sign the agreement and use the dashboard to track the status of the financing. The process enables them to receive payment within days, maintain visibility over the entire process and as a result gain greater visibility into cash flow.

Ad van der Poel, SVP, Basware Financing Services comments: “To date, the market has not worked in favour of businesses’ ability to retain good cash flow. Businesses are seeking more agility and flexibility, with more visibility of cash flow and more instantly available information to enable faster decisions. However, traditional financing options have not reflected this need so far and this has impacted the flexibility of those businesses, and sometimes even their ultimate survival. Combining easy online access to invoice financing, together with the existing invoicing and approval process, makes Basware Advance unique against alternatives in the market. This proposition benefits businesses, especially SMEs, by creating visibility over the entire financial process.”

Basware Advance is the latest innovation in Basware’s Financing Services product suite, following previous launches of Basware Pay and Basware Discount. Basware Advance connects businesses with the financing engine Virtaus, a joint venture between Basware and Arrowgrass Capital Partners LLP, offering an e-invoicing based, supplier-driven invoice financing solution. Basware Advance is designed to optimise cash and working capital through digital participation in the open Basware Commerce Network. It is a global solution which will be available initially in the UK in early 2016.

More information: Basware Financing Services:

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