Earlypay Review (formerly known as Skippr)
Skippr (now EarlyPay) was founded in 2001 by Patrick Crivelli and Alistair Lamond out of Sydney, NSW when they saw an opportunity to assist SMEs in Australia in getting a better understanding of their cash flow situation. In the meantime, some things have changed a bit. They have rebranded to EarlyPay. But they kept the same vision of helping SMEs run their businesses as easily as possible.
EarlyPay operates as an online debtor financing solution and asset finance solution. As a new company in the Fintech world, EarlyPay offers solutions for SMEs to meet and understand cash flow needs.
This review of EarlyPay will help you better understand your options for debtor financing for your businesses cash flow problems. When your business has a cash flow shortage it is important for businesses to understand what their choices are outside of traditional financing with banking institutions.
| 🌐 Website: | https://www.earlypay.com.au |
| ®️ Logo: |  |
| 📝 ABN: | 88 098 952 277 |
| 📝 Credit License: | 098 952 277 |
| 💰 Loan Amount | $50k – $15 million |
| ⏲️ Loan Term | Varies |
| 💸 Unsecured Loans? | No, loans are secured by invoice financing |
| ⌚ Lender Requirements | Australian Business with Invoicing |
| 📃 Required: | Present an ABN or ACN and the outstanding invoices with other businesses from Australia. |
| ⏱️ Response Time: | Approval within 24 hours and funding within 48 hours |
| 🌝 Easy to Apply: | Yes |
The Nitty-gritty
| 💌 Online Reviews: | 4.8 / 5 – Based on 158 Trustpilot Reviews |
| 🏆 Awards and Recognition: | EarlyPay is a company listed on the ASX with the ticker EPY |
| 💳 Minimal Interest Rates: | From 4.95% to 11.95% p.a |
| ⚖️ Advantages |
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| ⚖️ Disadvantages |
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| Compare EarlyPay | Compare EarlyPay with 30+ Australian Lenders on Lend.com |
| Review Table of Contents |
EarlyPay Alternatives in Australia – Compare your Best Options
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Short Summary:
EarlyPay finances SMEs in Australia who need funds for cash flow management. EarlyPay goes above and beyond for its clients by offering a free cash flow forecasting tool. This tool is instrumental in aiding businesses in seeing when their cash flow will be short and when funds may be needed. This not only helps their clients know when they are going to be short on cash but also when they need to apply for additional funding through EarlyPay. Giving their customers foresight is a key differentiator in helping SMEs across Australia understand their companies’ finances.
Company Story
The goal at Earlypay is to be the alternative to a traditional bank. No more endless paperwork and exasperating phone calls. Quick and easy, online onboarding clients to save them time and focus on growing their business.
Started as a small business itself in 2001, Earlypay has grown to be an ASX-listed company (ASX:EPY) and a market leader in providing tailored financing solutions to businesses of all shapes and sizes.
What Finance Options Does Earlypay Offer?
Whilst EarlyPay’s flagship offering is focused around their invoicing financing options, they also offer asset and equipment finance options, as well as a foreign exchange service.
Previously, Earlypay even ran a clean energy finance service, although this has since been terminated for new customers.
Regarding asset and equipment finance, finance amounts are from $50k to $1.5 million, with rates starting from 13.25% per annum. Whilst Earlypay does offer an impressive 24 hour approval time, in regards to interest rates, it’s worth comparing interest rates from other business loan providers in NSW to consider in addition to Earlypay.
Earlypay’s invoice financing interest rates are more competitive, starting from 7.99% APR with the same finance amounts and turnaround times as their asset finance. They also claim to support businesses of all shapes and sizes, offering high approval rates and welcoming businesses with a ‘less than perfect’ credit history, which will be encouraging to those that may not have met a more strict criteria from other lenders. The amount you’ll be able to borrow is related to the total amount of your outstanding invoices, as Earlypay will advance 80% (even sometimes up to 90%) of the total invoice amount.
EarlyPay Client Reviews
The 214 reviews on Trustpilot with an average rating of 4.6 / 5 shows that the company is really helping many businesses in Australia. It’s not one of the other similar companies that have just recently come to life and no reviews can be found online.
The big number of positive reviews let us believe that their services are in line with what they show on the website.
As for the negative reviews, most of them are from people that didn’t fully understand the terms of their loans or how and when the repayments are made and so on. One negative review is just from a person frustrated that their loan request has been declined.
On every single negative review, a representative from the company has chimed in to offer explanations or to provide further support.
Client Reviews – Data:
– Trustpilot Reviews: 214 Reviews, 203 Positive, 4 Neutral, 7 Negative – Average score 4.6 / 5
Analysis of Client Reviews:
Overall great reviews meaning that the company offers a good service. The few negative reviews are not about the product they offer.
EarlyPay Compatibility
- Startup: Yes, young companies are allowed to use EarlyPay.
- Bad credit: Yes, while it is not stated, nothing is stated against working with businesses with bad credit.
- Sole trader: Yes.
- Minimum Monthly Turnover: No minimum monthly turnover.
- Established business: Yes, EarlyPay will accept any established business.
- Maximum Loan Amount: $15 million is the maximum loan amount.
EarlyPay Review Summary
In conclusion, EarlyPay, formerly known as Skippr, is already a well established game-changer in the realm of debtor financing and has recently expanded its offering to asset and equipment financing. Originally born out of a vision to simplify business operations, EarlyPay offers a blend of financial solutions and a unique cash flow forecasting tool. The company has earned a strong reputation, as evidenced by its high Trustpilot rating and reviewers think it stands out for its quick and easy online application process and delivering on what it says.
Overall, EarlyPay is a viable alternative to traditional banking institutions, providing a more flexible and understanding approach to financing but we certainly think they’re worth comparing against other alternative lenders offering invoice finance and asset finance.