First the supplier secures the deal based on their capacity to deliver quality products for their buyers. The contract is then serviced and goods and services are delivered and an invoice is submitted.
Rather than waiting for the buyer to pay the invoice, which may take weeks or months, the supplier turns to BeneFactors to turn the pending invoice into cash.
BeneFactors conducts its due diligence. This involves checking the credit score of both buyer and supplier as well as their history. To facilitate this, BeneFactors asks the supplier for some documentation, including a bank statement, an invoice aging report and previous invoices to the same buyer that they have received payment for.
Once due diligence is completed, BeneFactors makes an offer and can disburse up to 70% of the invoice amount within 24 hours of signing agreements. BeneFactors can fund invoices up to $50,000 or 46m RWF. The supplier instructs the buyer to pay BeneFactors directly and is able to continue its business without having to wait for the buyer to ay.
On the invoice due date (…or maybe a bit later), the buyer settles the invoice to BeneFactors.
BeneFactors disburses the remaining 30% to the supplier, minus fees.
It takes five business days for us to consider your case and disburse funds if approved. Subsequent services take one business day