Frequently asked questions
Tradeplus24 wants to make financing easy so you can concentrate on running your business but understand you may want to know more about how we work. Some of the most commonly asked questions are answered below:
Tradeplus24 was created by a team of entrepreneurs from the banking and insurance industry, who have partnered with established industry leaders to help Australian SME’s to grow their business.
Tradeplus24 is only available to European and Australian companies.
Tradeplus24 Australia is an AUSTRAC Reporting Entity and is required by the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006 to adopt and maintain procedural documentation to address the obligations imposed by the Act.
Tradeplus24 and its subsidiaries are incorporated in Australia and have their registered address at Level 2, 696 Bourke Street, Melbourne, 3000. All accounts are with large Australian banks.
Easy, just use the contact form on this website. Or call us now on: 1300 588 961
Contrary to classic factoring, you remain in full control of your accounts receivables as Tradeplus24 only takes an assignment over them. Furthermore, we are able to offer financing against a much wider range of receivables (worldwide, smaller buyers) than classic factoring can offer. We also have a much more transparent pricing structure, with no hidden fees.
Whenever you upload your accounts receivables book into the Tradeplus24 platform, you immediately see which ones are accepted for insurance, which also means they can be used as collateral for financing.
Receivables from almost all countries can be considered for the loan.
Tradeplus24 will not contact your buyers. The insurer of the risk is entitled to contact selected buyers in order to check individual receivables, however this relates only to the insurance side of the account receivables and does not tell your buyers anything about any financing your company is receiving against them.
All KYC checks done are required to adhere to Australian and international Anti-Money-Laundering (AML) standards and Counter Terrorism Financing (CFT).
Loans are denominated in AUD. We accept accounts receivables in all major currencies.
The Credit Facility
All financing is provided through fully owned subsidiaries of Tradeplus24.
Your company must be an Australian entity (with an ACN) and selling products/services to other companies. Given our structure, we see ourselves most suitable to mid- to larger sized businesses with revenues exceeding $3m per annum.
The protection of your data is important to Tradeplus24 and we make sure that all our partners adhere to the highest standards of data protection.
We expect the standard process to take approximately two weeks.
The limit of your credit facility is determined by the total amount of receivables insurable within the framework as well as a few security features we built into the product.
No, the loan is intended for general corporate purposes. Whether you use it to on-board new clients, extend payment terms for existing clients or buy new machinery, is entirely up to you.
Various costs determine your costs, including Application, Legal and Facility Fees, in addition to our very the competitive interest rate. We will be happy to talk through pricing once we have received your application.
Interest is calculated on the daily balance of your loan facility, and paid at the end of each month in arrears, via direct debit from your transactional bank account.
After the initial drawdown for 90 days, your loan is rolled over every 30 days. The drawing can be adapted to current requirements on the next rollover date.
Easy, click on the ‘apply’ link on the website to get started.
We offer a very lean process that can also be automated by linking your accounting solution to our platform directly. Thereby you can focus on your core activities.
If you use a cloud based accounting package (like Xero, MYOB or Quickbooks), it is super easy. You grant us access and we can monitor. If not, we can talk through a range of options for you to be able to send us an up to date view of your receivables book.
The overall amount of paperwork is very limited, only for the setup process we need some forms to be signed. All maintenance can then be done electronically.