Invoice funding for permanent placements

Sonovate is a fintech platform used by thousands of different size companies to scale faster. We have funded over £4 billion in invoices for small, medium sized and large recruiters. We also support online freelancing platforms and consultancies who place contractors. We make payments in multiple currencies and in over 44 countries.

Whereas in the past we focused on financing invoices for contractor and freelancer placements, Sonovate has now introduced a new service to deliver invoice funding for permanent employee recruitment.  

We believe in supporting our customers in every way possible. We listen to your feedback and continuously enhance our capabilities to support your needs. Customers asked for this service, so we introduced it to complete our offering.

Sonovate offers a range of financing solutions, including invoice funding and invoice factoring, tailored for the recruitment industry. These solutions cover both permanent staff and contract workers.

Invoice finance is an accounting service in which invoice finance lenders such as Sonovate advance businesses payments on unpaid invoices. This frees up your cashflow while the lender waits for payments from your clients.

Whether you place contractors or permanent employees (or both), invoice finance can free up cash flow by providing you immediately with the funds owed to you in outstanding invoices. This avoids the need for you to wait for payments from your customers, which can take weeks or months. It can help you deal with cash flow challenges, such as seasonal fluctuations, late payments, or unexpected expenses. Invoice finance can also help you grow your business by allowing you to take on more business, negotiate better terms with your clients and suppliers, or invest in new equipment or hire more people.

Invoice funding through Sonovate allows you to scale your business, be prepared for surges in demand, and benefit from additional services like credit control and bad-debt protection. We also offer auxiliary services designed to keep your accounting reconciled, automate your processes, speed up your middle and back tasks and free up time for your team to focus on new business and client service.

Yes, Sonovate offers auxiliary services like credit control and 95% bad-debt protection to give you added peace of mind as you grow your business. Our automation tools can also help you streamline your processes to reduce the potential for human error and speed up your operations. We offer tools such as timesheet automation, where you can easily send timesheets and stay up to date on submissions, approvals and payments.

Sonovate specialises in funding worker placements. Our platform is designed to provide a high level of flexibility which helps recruitment businesses, but also consultancies who place contractors and online freelance platforms to draw cash as and when they need it. You can fund various placement types and benefit from state-of-the-art automation capabilities. This applies if you work with Umbrella companies or EOR (Employer of Record) service providers.

This service is available to both our new and existing customers.

Sonovate’s platform synchronises with leading accountancy packages such as Xero and Quickbooks, allowing for real-time reconciliation to give you better visibility across your finances. Our reporting tools keep you informed about your funding availability, liabilities, payments and collections.

Yes, our platform offers a high level of flexibility. You can use it to get funding only or also benefit from automation tools, credit control and other types of auxiliary services. For example, we can follow up with your clients on payments, or you may choose to do so yourself by opting for the CHOCC option. CHOCC stands for Customer Handles Own Credit Control. It allows you to stay in charge of your credit control and customer relationships, even when using our funding service.

Certainly! You have the flexibility to pick which invoices you want to finance through Sonovate. Our system lets you set your own funding limits and provides real-time updates on payments and monies collected. This information helps you determine when and how to access funds. Unlike other financiers, we don’t set concentration limits or restrictions on the amount you can finance for specific clients. Plus, our instant credit decision tool quickly informs you if we can fund invoices from new clients, helping you plan for your business effectively.

No, you don’t need to commit to long term contracts or complicated covenants to work with us. We understand that long and complex contracts can tie you down, particularly if you are a new or small recruitment business. We offer 30 day rolling contracts to give you extra flexibility.

Sonovate offers 95% bad debt protection as standard to help safeguard your business.

You can get started by reaching out to Sonovate’s expert service team who can guide you through the process and help you tailor a solution that fits your recruitment agency’s needs.