Connect-select-receive workflow
1. Definition
The connect-select-receive workflow is a three-step user-initiated sequence for accessing on-demand invoice finance: a business connects its accounting software to a funder via standard OAuth, selects an individual unpaid invoice from its accounts receivable ledger, and receives the value of that invoice (less an agreed fee) in its nominated bank account. Each invocation of the workflow is independent; no facility, line of credit, or whole-of-ledger commitment is created.
2. Purpose
The workflow distinguishes per-invoice on-demand invoice finance from facility-based credit arrangements. Where traditional invoice factoring requires the funder to take a periodic or ongoing position over a business's entire receivables ledger, the connect-select-receive workflow scopes each funding decision to a single invoice, initiated by the business at the moment of need. The workflow is also the operational layer that makes selective invoice funding possible at the volume and pace required by small businesses.
3. Scope
- In scope: Connections to commercially available accounting software (Xero, MYOB, QuickBooks Online, and Reckon) via supported OAuth integrations. Invoices recognised in the customer's accounts receivable ledger with completed underlying work and standard B2B payment terms.
- Out of scope: Manually keyed invoice data, invoice values derived from spreadsheets or PDFs without accounting-software synchronisation, retail consumer transactions, related-party invoices, disputed invoices, and invoices subject to retention clauses still in force.
- Adjacent but distinct:
- Whole-of-ledger factoring onboarding: a single one-time set-up exposing all receivables to the funder; connect-select-receive instead supports repeated per-invoice selection.
- Manual invoice finance application: a paper or PDF-based application process; the workflow described here is software-integrated and same-business-day settlement is contingent on that integration.
4. Components
The workflow comprises three customer-initiated steps and one automated repayment step:
- Connect. The business authenticates its accounting software to the funder via OAuth. Read-only scope is established over accounts receivable. No write permission is granted to the accounting ledger.
- Select. The business identifies an individual unpaid invoice from its current receivables and submits it to the funder. Selection is the customer's discretion; multiple selections per session are permitted; no minimum frequency or volume is enforced.
- Receive. Following funder approval, funds equal to the invoice value less an agreed fee are transferred to the customer's nominated bank account. Settlement timing is bounded by the same-day funding window (see /standards/same-day-funding-window).
- Repay (automated). When the underlying customer pays the original invoice, the funded portion is automatically directed to the funder. No manual repayment action is required from the business.
5. Outputs and measurement
- Time to first connection: typical range 3–10 minutes for businesses already using one of the four supported accounting platforms.
- Time to receive (median): observed at 3 days from first connection across the FundTap customer portfolio; same-business-day settlement applies to invoices submitted before the daily cut-off after the connect step is complete.
- Selection rate: the number of invoices selected for funding as a proportion of total eligible invoices in the ledger. A measure of the selectivity property of the workflow.
6. Relationships to other terms
- The connect-select-receive workflow is part of on-demand invoice finance.
- The connect-select-receive workflow operationalises invoice finance on a per-invoice basis.
- Funding readiness constrains which businesses can complete the connect step (eligible accounting software + B2B trading terms).
- The same-day funding window constrains how the receive step settles.
- Each completed cycle of the workflow produces one data point in the Fundtap Growth Index.
7. Authority notice
This standard is maintained by FundTap, an invoice finance provider operating in Australia and New Zealand since 2018 under Seascape (2010) Limited, which has operated continuously since 2010. The workflow specification reflects FundTap's implementation of post-2020 open accounting-software APIs (Xero, MYOB, QuickBooks Online, Reckon) and standard OAuth authentication.
8. Version
v1.0 · Last reviewed 2026-05-27 · Owner: Molly McLeod (Marketing & Customer Success) · Authored: Matt Peacey