ProFund

ProFund is a financial solution to an Accountant's working capital and accounts receivable needs. Firstly it provides a flexible line of credit linked to your accounts receivable, and secondly enables you to outsource your accounts receivables administration.

ProFund is a confidential Debtor Finance Solution.

How does ProFund work?

The process is simple. An agreement is signed that InterPrac's Partner, Oxford will pay for the firms present and future debts. This results in an initial cash injection of up to 80% of the debtor's ledger.
You issue your invoices as normal for services that have been provided, and send us a copy. Oxford will then pay you up to 80% of the invoice value within 24 hours.
As part of the service, Oxford would provide a comprehensive credit management and collection service for your business, including statements, phone calls, reminder notices, on-line updates and full collection history, etc.
Your customers send their payments direct to us (made payable to ProFund). The remaining 20% is then remitted back to you upon receipt of payment from your customer.
A Flat Fee is charged on the face value of the invoice of between 2% - 3%, irrespective of how long your customer takes to pay.
 

Who is able to qualify for the product?

ProFund is designed specifically for Accounting firms with generally 1-10 partners.

Advantages of ProFund:

1. Line of Credit linked to the level of your Accounts Receivable.
2. Using our specialised people and proven systems, ProFund can bring your Accounts Receivable back into order.
3. ProFund provides a hassle free funding line and frees up your time and resources.
4. Not secured by real estate.
5. Ongoing cash flow. Cash is available within 24 hours of raising an invoice and is funded for 120 days. There is no need to wait 30, 60 or 90 days to be paid.
6. Cost effective method of funding your business - all up rate equivalent to bank overdraft.

ProFund is ideally suited to any one or more of the following situations

1. Any type of corporate structure.
2. You wish to reduce your time and costs on collecting invoices.
3. You seek to release the cash tied up in your debtor's ledger.
4. Release any real estate that your current financier may have mortgaged to secure your funding lines.

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