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Business finance can be complicated, but it doesn’t have to be. Here are the answers to some of the most common questions we get about our Selective Invoice Discounting solution. And if you don’t find what you’re looking for here, your account manager is always happy to help!
It's possible that we've received a payment on your behalf from an unknown customer or with a payment reference we don't recognise. As part of our Anti-Money Laundering Requirements, we have to validate the source of the payment if this happens. By providing an invoice or remittance note and adding the customer to your list on our platform, you’re confirming that it’s a valid relationship.
Yes, you can leave your contract early providing that you settle the remaining subscription fee. If you intend to end your contract at the end of the agreed term, you'll need to give us 3 months' notice.
You can choose how many invoices you'd like to fund.
Yes.
Once a trade is submitted and successfully verified, you can typically expect the funds to be in your account within 2 working days.
No, Kriya only advances a portion (up to 90%) of the face value of any invoice you trade on our platform. When your customer pays the invoice, we take off what we advanced plus fees and interest. Then we give you what's left over, called a "stub".
We understand that your customers don't always pay invoices in full. This could be for any number of reasons including a trade dispute or genuine error. That's why we never advance 100% of the face value of an invoice; to allow a bit of breathing space for possible underpayments. We reduce our advance rate in cases where underpayment is more common in that particular sector than in others.
No, you'll only get a stub once the full balance that we advanced to you has been repaid. For this reason, we recommend choosing invoices with similar payment dates for trades made up of multiple invoices.
Your personalised interest rate is calculated using a wide range of data points. We take into account the duration of the invoice as well as financial information about your company and your customer.
Interest accrues on the gross advance, which is the amount before we take off our service fee.
You can see a full breakdown of your costs by logging in to your Kriya account, selecting 'Reports' and then 'Trade History'.
Simply log in to your Kriya account and navigate to the 'Payments' section. You can select the relevant payment to see a breakdown of how this payment has been applied. You'll also get an automated email every time a payment is credited to your trust account.
As part of our process, we need to assure our investors that there aren’t any discrepancies with the invoice you’ve uploaded. This includes checking that the invoice is approved and that all details are correct.
In most cases, if it’s the first time you've uploaded an invoice from a new customer, we’ll need to call them to verify the invoice. At this stage, we’ll also confirm your trust account details with your customer. We’ll ask you to notify your customer in advance of our call so that they’re aware that we will contact them.
When we contact your customer, we’ll never openly disclose the fact that we're calling on behalf of Kriya. Our preferred approach is to say that we're calling on behalf of your company or are the finance partner for your company. We may only disclose the name Kriya in our verification calls if we're specifically asked to do so by your customer. If you have an alternative preference regarding how we contact your customers, please let us know.
Our goal is always for you to maintain full control over your customer relationships. In normal circumstances, we’ll always consult with you on when and how you would like us to talk to your customer. We never directly chase your customer for payment when verifying invoices although we may need to do this in other, more unusual circumstances; for example if an invoice is significantly overdue. If you need a fully confidential service, we’ll work with you to find a solution.
For most subsequent trades with the same customer, we can use an automated email tool to verify the invoices. When you submit a trade (upload invoices to receive funding against) on our platform, the tool will send an automated email to your customer (using the contact email address you have provided) asking them to confirm the invoice details. Your customer will simply click a link in the email to say that the invoice(s) is approved for payment. In normal circumstances, this is the only time we’ll need to contact your customer.
Yes. The automated email tool may not be suitable for all businesses, so we’re happy to find alternatives. Other options include:
You can verify invoices quickly and easily by connecting your Kriya account to your business bank account. In most cases, verifying invoices this way means you’ll have funds in your account within 8 working hours.
You can copy Kriya directly into an email between you and your customer. The email needs to reference the invoice number, purchase order (PO) number, the invoice amount and bank payment details. We can only accept email verification if we're directly copied into the email (in other words, we can't accept emails that you forward to us from your customer).
If your customer uses a portal to confirm invoices and payments due, we can use this as a way to verify invoices. Simply share your portal login details with us and we'll have access to everything we need for verification.
The simple answer to this question is that it will enable us to get you the funds your business needs much faster. When you provide us with access to your business account we have the information to authorise a higher unverified limit. You’ll generally have funds in your account within 8 working hours.
Connecting your Kriya account with your business bank account may feel a bit unfamiliar but it’s likely that you’re already doing something similar with your accounting software. It’s a quick and easy way to make sure all the financial tools at your disposal are working together for your business.
At its core, invoice verification is about confirming the buyer/seller relationship between your business and your customers. Connecting to your business bank account lets us see your transactions so we can understand your trading behaviour quickly. This allows us to increase the invoice value you can trade on our platform without verifying your relationship with your customers. So not only do you get fast and hassle-free funding, you also maintain complete control of your customer relationships.
You can choose to disconnect your business bank account at any time. In fact, the connection will periodically expire and you’ll be asked to renew it. This ensures that you’re always in the driver’s seat when it comes to your finances.
This will vary depending on your specific business and requirements but here are the kinds of security we may ask for:
Add a customer to your account by searching our system. If they're not already there, just add them manually. We'll set up a Barclays trust account in your company's name and this will be the account your customer will need to pay into going forward.
You can upload an invoice and our system will automatically pull all the details we need. Alternatively, you can enter the invoice details manually. In some cases, you'll also need to upload a few supporting documents, for example copy contracts or sale T&Cs.
Once your invoice is verified, you'll have funds in your account within 24 hours.
We take an "assignment" over the invoices we fund, which means you transfer the legal ownership of them to us. It’s an important security requirement that the proceeds are paid directly to us by your customer. When your customer pays an invoice, the full amount goes into the trust account. We’ll deduct the amount we've already advanced to you against that invoice as well our fees and transfer the remaining balance to your business bank account.
Fees only apply to the invoices that we've funded.
Any other payments made into your trust account by your customer (that don't relate to an invoice we've funded) will be transferred into your business bank account, free of charge.
We look at Credit Bureau data on both your company and your customer.
It's important that you keep us informed about any delay or dispute with an invoice we've funded. This means you’ll need to contact us no later than 7 days after its expected payment date has passed to update us on the situation. If an invoice is overdue, a member of our team will contact you first. We'll only contact your customer if the invoice is significantly overdue or we have reason to believe there is a dispute or your customer may have already made payment elsewhere.
We understand that your customers may pay invoices late from time to time which is why we usually apply a two-week buffer on your trades to allow extra time for the payment to reach us. After that buffer expires, we consider the trade overdue and then follow this process:
