The First Time Application Process
- After submitting an invoice for the first time we need to collect some information from you. This should only take 5 minutes, is simple, paperless and is only required this first time.
- The Personal Information & Identification screen will appear. Here you can enter your personal information (name, contact details etc) and identification (NZ Drivers Licence or Passport). Click the Save & Continue button.
- Next the Bank Details page will appear. Here you can select which bank account we should deposit funds to. You will also need to confirm you are the person authorised to operate this account.Click the Save & Continue button.
- Next theXero Account Details page will appear. To make things as easy as possible FundTap can do the accounting admin for you by creating Xero accounting entries for you to match against the funding you receive from us. You can either create a new expense account& current liability account specifically for FundTap fees and funding, or you can select existing expense and liability accounts (see Further Information below). To continue click the Save & Continue button.
FURTHER INFORMATION: Why create a Liability and Expense Account in Xero?
By creating or selecting existing Xero accounts you allow FundTap to automatically create the accounting entries for you to match in Xero when they happen. You still maintain all control of how you account for our advance and fee, but the heavy lifting has been done for you.
Current Liability Account: The account you create or select here will be the Current Liability account that will account for the cash advances you receive from FundTap. This is the same as any other short term loan and provides a record for yourself of what is owed to FundTap within your Xero accounts. Once repayment of our advance is made, this loan (Current Liability) account is returned to $0.
Expense Account: The Expense account you create or select here will keep a record of the fee you pay to FundTap for each invoice we fund. You can keep tabs on the fee you pay both in Xero and in your FundTap account (see section: Find Current & Past Funding information)
- Next a summary of all the information you have entered will appear for you to review. If you need to change any of this information you can click the Back button to get to the screen where this information was entered and change it (you won’t lose your information entered by doing this). Once you have confirmed the accuracy of the information entered, click the Confirm button.
- Finally will be redirected to flo2cash to set up a direct debit authorisation for repayment back to FundTap. Enter the details required here, review and click the Submit button.
- You’re done! You will be redirected back to FundTap and your Funded tab showing all of your current and past submitted invoices. The FundTap team will quickly review all of your information. When approved we will send an email confirming this. If we are not able to fund for any reason we will ensure to get in contact with you quickly with the reasons why not or to request some further information to get funding to you.