TL;DR: Sole traders can use invoice finance. If you invoice your customers on credit terms, FundTap lets you access the cash within 2 hours of approval you’re approved. A low bar and no lock-in contracts: more than $5,000 a month in revenue and three months of trading.
Invoice Finance Works for Sole Traders
Many traditional invoice finance providers set a minimum annual turnover high enough to exclude most sole traders. FundTap's bar is far lower: more than $5,000 a month in revenue and three months of trading. If you invoice your customers on terms and clear that, you can use the service.
When It Makes Sense
- You invoice your customers on 14–60 day terms
- Slow payment limits your ability to take on new work
- You have regular outgoings that cannot wait for customers to pay
- You want to avoid credit cards to cover the gap
How It Works
- Connect your Xero, MYOB, QuickBooks, Reckon account to FundTap
- Select the invoices you want to fund
- Get funded within 2 hours once approved
- When your client pays, the advance is settled
A Low Bar, No Lock-In
FundTap charges a single fee from 4% per invoice, quoted upfront before you commit. There are no monthly fees, no minimum volumes, and no lock-in contracts. Use it when you need to, and not when you do not.
Yes. FundTap's bar is more than $5,000 a month in revenue and three months of trading. If you invoice your customers through Xero, MYOB, QuickBooks or Reckon, you can use FundTap.
Yes. FundTap funds registered businesses in Australia and New Zealand that invoice their customers on terms.
It depends on what the cash enables. The fee starts from 4% per invoice and the exact amount is quoted before you commit. The smallest invoice FundTap can fund is $300, and on smaller invoices the fee is proportionally larger — so most people use it on the bigger ones, where getting paid weeks early is worth more than the fee.
A personal credit check forms part of approval, and that check is recorded on your credit file.