Maintaining healthy cash flow is crucial for any business. But, with costs creeping up, keeping a steady stream of cash flow has become more tricky. To give SMEs another avenue to get the cash flow they need to thrive, we recently launched FlexiPay — our new line of credit, offering businesses an alternative, short-term finance solution. Here, we look at how FlexiPay works and answer the most commonly asked questions.

What is FlexiPay?

FlexiPay is a line of credit that allows businesses to pay for purchases, bills, invoices and other business costs, and then spread the cost over 3 months. You then pay this back in 3 equal monthly instalments.

It’s designed to give businesses access to short-term cash flow when it’s needed, so you can plan with confidence and tackle anything that comes your way.

How does FlexiPay work?

Simply apply online on our website and, if you’re approved, you’ll get a line of credit from £2,000 to £250,000. You only need to apply once and, if approved, it’ll be there whenever you need it.

You can then use FlexiPay to pay your supplier. Log into your account, enter the details and we’ll make a secure payment in your company’s name to your chosen supplier. You’ll then pay us back in 3 equal monthly instalments. There’s no interest to pay — only a flat 4.5% fee on each invoice. Once you’ve repaid an invoice, that credit is then available for you to use again next time you need it.

What can FlexiPay be used for?

FlexiPay can be used for a number of business purposes, such as:

• Paying upfront or bulk buying to negotiate better terms with suppliers
• Spreading quarterly bills like VAT or energy out monthly
• Handling unexpected invoices
• Purchasing new stock and equipment
• Paying bonuses or payroll 
• Bridging cash flow gaps

How much does FlexiPay cost?

FlexiPay is free to set up and there’s no annual charge, so you’ll only need to pay if you use it. There’s no interest to pay either — you’ll just pay a 4.5% fee on each invoice or cost you pay using FlexiPay.

What’s the credit limit on FlexiPay?

Credit limits on FlexiPay range from £2,000 to £250,000. You’ll get an instant decision when you apply, so you’ll know what your specific credit limit is as soon as you’re approved.

What’s the minimum spend on FlexiPay?

The minimum bill or supplier payment on FlexiPay is £100.

Who’s eligible for FlexiPay?

To be eligible to apply for FlexiPay, you need to:

• Have a minimum of 2 years’ trading history
• Be a limited company

How do I apply for FlexiPay?

To check your eligibility and start your application for FlexiPay, simply click here. 

If you have an existing loan with us, you’ll first need to log into your Funding Circle account to check if you’ve been pre-approved, and apply from there. You can click here to sign in.

16/03/23: While we want to help as much as we can, the information found here is provided solely for informational purposes and should not be considered financial or legal advice. To the extent permitted by law, Funding Circle does not accept any liability for any loss or damage which may arise directly or indirectly from the use of, or reliance on, the information contained here. If you have any questions, please speak to your professional adviser or seek independent legal advice.