Introducing FlexiPay, our new line of credit that you can now offer your clients 

Following a successful pilot phase, FlexiPay, our new line of credit, is now available for our Introducers to offer clients. Here’s everything you need to know about this product and how it works.

What is FlexiPay?

FlexiPay is a rolling line of credit that allows your clients to spread a huge variety of business costs. 

Your client simply needs to enter the details of the bill or invoice they’d like to pay within their FlexiPay account, and we’ll pay it on their behalf. They then repay in 3 equal monthly instalments. All payments are made in their name, so their supplier won’t know the difference. 

Once they’ve repaid, that credit is then available to use again. It really is that simple. 

It’s designed to give businesses access to short-term finance when they need it, so they can plan ahead with confidence and easily manage their cash flow.

What can FlexiPay be used for?

FlexiPay can be used for a huge number of purposes, including:

• Paying upfront or bulk buying to negotiate better terms with suppliers
• Spreading bills like rent, energy or VAT out monthly
• Handling unexpected invoices or late payments
• Purchasing new stock and equipment
• Paying bonuses or payroll 
• Bridging cash flow gaps

Who’s eligible for FlexiPay?

To be eligible to apply for FlexiPay, your clients will need to:

• Have a minimum of 2 years’ trading history
• Be a limited company

How much does FlexiPay cost?

FlexiPay is free to set up and there’s no annual charge, so your client will only pay if they use it. There’s no interest either — just a flat 4.5% fee on every business cost they pay. 

What’s the credit limit on FlexiPay?

Credit limits on FlexiPay range from £2,000 to £250,000. 

How can brokers sell FlexiPay to clients?

There are so many ways your clients can benefit from getting FlexiPay: 

• It’s a tool to help manage cash flow needs
• It’s a rainy day fund that is free if not used
• It provides financial certainty with just one flat fee every time it’s used
• It provides flexibility and helps keep a good reputation with suppliers
• It’s a great tool in our current economic climate where there is a lot of uncertainty/ volatility in the market

How does FlexiPay fit with a business loan? 

FlexiPay is designed to work alongside our loans, so your clients can benefit from having both options. While taking out a loan is typically a larger investment over a number of years, FlexiPay supports short-term cash flow needs with no commitment, allowing your clients to spread the cost of large payments or bills so they can stay on top of your finances. 

Is FlexiPay available to brokers?

FlexiPay is now live and available to offer to your clients. We’re looking forward to seeing it rolled out amongst brokers after our successful pilot phase – with the product already supporting over 5,000 businesses, and funding more than £60m in FlexiPay transactions across 2022.

We recently hosted a webinar on FlexiPay for our brokers, but if you’d like a recording or have any more questions about the launch, please reach out to your BDM who will be more than happy to help.

What are people saying about FlexiPay so far? 

“I applied for FlexiPay because customers were paying me late, which meant I was short on cash flow. I like the product as it helps me pay suppliers on time, keep a good reputation and manage cash flow.” 

Carl Whetstone-Veitch, Director of Advanced Joinery

“FlexiPay is a brilliant idea which will help bridge the gap between supplier payments and to negotiate better with my suppliers. The application was simple and easy.”

Livity, Intrit Facilities Management

“I signed up to FlexiPay as I had a payment due to a supplier and it allowed me to buy extra supplies which I needed. FlexiPay is one of the best ideas for small businesses and I will definitely be using it on an ongoing basis and telling people about it. It is really clear how repayments work and how much I owe.”

Paul Teather, Director of P&W Waste Solutions

“We sell a lot of wine (120 different wines) so FlexiPay means I can buy in bulk orders, which has enabled me to buy more for less as I have been able to negotiate discounts up to 10% on wholesale prices.” 

Vik, 8 Rocks deli