Is there a contract?
You will need to sign a facility agreement, but there is no fixed term commitment. You can exit penalty-free as long as your balance has been fully repaid.
Will my customers know I'm using Rapid Cash?
No. Your facility is confidential and we never contact your customers.
Does Rapid Cash need security?
Our standard security is a business debenture and a personal guarantee for 10% of your maximum borrowing limit. This means our lending is secured, so we can offer you lower cost borrowing.
How do I know my data is safe?
We will only use your information as required to support the provision of the Rapid Cash facility (and in accordance with the terms of your Rapid Cash contract.
Your data is transferred using industry standard 256-bit TLS encryption technology. Rapid Cash houses your data within a UK-based data centre, configured with multiple firewalls and network intrusion detection technology.
No data will be shared without your consent.
How do I select customers for funding?
As part of the final stage of your account set-up, you will be asked to log into your Rapid Cash dashboard and select which customers you wish to nominate that make up your funding portfolio.
How do I draw funds?
If you're a first time user of Rapid Cash, our team will guide you through the final steps. Once you have been notified that your account is live, you're ready to draw funds. Simply hit the drawdown button in your Rapid Cash dashboard and enter the amount needed.
Do my customers have to change the account they pay into?
Yes, any customers you nominate will need to change payment details. When you create your account you'll be issued a new bank account in your company’s name.
How do repayments work?
Your nominated customers will pay into your Rapid Cash account, which we will set up in the name of your business. This will reduce your existing balance. You may also make additional payments directly to reduce interest charges.
Do I have to repay my existing overdraft?
No. If you choose to keep your overdraft limit, we’ll offset it against your Rapid Cash limit so you can use it to top up your available funding. For example, if Rapid Cash provides you with access to £100K and you choose to keep a £20K overdraft limit, you can still access £80K with Rapid Cash.
How do I add more customers for funding?
Navigate to the Customers tab within your Rapid Cash dashboard. From here you can nominate customers for funding. If you would like to un-nominate a customer, you can contact Rapid Cash at firstname.lastname@example.org, or by phone at 0330 808 7830 (choose option 2).
What makes an invoice eligible for funding?
Eligible invoices are:
- Invoices that have been raised at the completion of providing a good or service
- That are aged no more than 90 days from issue date
- That are invoiced to other UK businesses (B2B)
- That are not milestone, staged or progressive invoices
How much of my time with Rapid Cash take up?
Rapid Cash has been designed to take up as little of your time as possible. Drawing down funds takes only a few clicks and, thanks to the seamless integration with your accounting software, your facility is updated in real-time and customer payments are automatically reconciled. There is no need for data entry or uploading invoices. Many of our customers have reported that it has saved them a day or more each week.
Will I need to upload invoices?
You will not need to upload invoices to the Rapid Cash platform, as these are automatically updated from your accounting software. Once an invoice is paid into your Rapid Cash account, you should see this transaction in your accounting software immediately.
Do you have multi-user access?
Yes. You can create different user profiles and different access permissions once you have a live account.