URICA is the brainchild of Lindsay Whitelaw, who has developed a new software platform that allows medium-sized firms to invite their suppliers to cash in their invoices early, removing the strain of late payments.
With URICA, the supplier can get paid a single day after invoicing, while the customer gets up to 75 days — or 90 days for an international client — to settle with URICA. The supplier agrees a discount on the invoice for this service, typically £85 to £250 on a £10,000 invoice.
This yet another provider coming to the market and this model is similar to that provided by Market Invoice and Platform Black and shows that there some exciting and innovative financing opportunities aimed at the SME sector.
To find out more about URICA or other factoring companies why not have a chat with our MD Hugh Craen.