What is Fast-Track 💸 and how does it work?
You probably saw it on the website, at the time of invoicing we offer the Fast-Track option.
#What is Fast-Track 💸?
- The concept: In exchange for 3% of your invoice, you benefit from accelerated payment (= within a few days).
- The technique: It's called factoring. Basically, we go through an external provider, Aria, who buys your invoice, advances it to you, and then we take care of repaying them when the client pays us. Aria charges 3% of the factoring price, hence the cost of 3% of the invoice.
The Fast-Track calculation is simple: it's 3% of your invoice including all taxes.
For example:
- Your invoice is 1000€ excluding taxes, and you do not take VAT: Auto-Thune costs 30€
- Your invoice is 1000€ excluding taxes, you take 20% VAT, so it is 1200€ including taxes: Auto-Thune costs 36€
Note: Aria, since it is a service, adds 20% VAT to its invoice.
SO, when you launch the invoicing via the website, two invoices will be generated:
1/ Your classic invoice to acracy as usual: from you to us, for the total of your mission.
2/ AND an invoice from us to you: for the amount of Auto-Thune.
The Fast-Track invoice will be deducted from the initial invoice in accounting, like a credit note, and BAM, it gives the amount that will arrive in your account within a few days.
- It's not our money: Aria pays for Auto-Thune, which allows us to offer you a fast payment service that does not depend on our treasury.
- Factoring is as old as the hills: Aria has modernized the system, but factoring has been used by companies for a long time to have control over their treasury.
- Fast-Track doesn't make us any money: The 3% you pay us, we pay it in full to Aria. Actually, Fast-Track costs us money since we pay penalties to Aria when clients pay us late and we therefore repay them late. But it's a really cool service, so worth it.
- If you don't choose Fast-Track: according to the T&C, payment is due in two months. That being said, we don't hold onto the money: if the client pays before, we pay you as soon as we receive the transfer.
And there you have it!
#What is Fast-Track 💸?
- The concept: In exchange for 3% of your invoice, you benefit from accelerated payment (= within a few days).
- The technique: It's called factoring. Basically, we go through an external provider, Aria, who buys your invoice, advances it to you, and then we take care of repaying them when the client pays us. Aria charges 3% of the factoring price, hence the cost of 3% of the invoice.
🤨 How does it work?
A bit of maths
The Fast-Track calculation is simple: it's 3% of your invoice including all taxes.
For example:
- Your invoice is 1000€ excluding taxes, and you do not take VAT: Auto-Thune costs 30€
- Your invoice is 1000€ excluding taxes, you take 20% VAT, so it is 1200€ including taxes: Auto-Thune costs 36€
Note: Aria, since it is a service, adds 20% VAT to its invoice.
The process
SO, when you launch the invoicing via the website, two invoices will be generated:
1/ Your classic invoice to acracy as usual: from you to us, for the total of your mission.
2/ AND an invoice from us to you: for the amount of Auto-Thune.
The Fast-Track invoice will be deducted from the initial invoice in accounting, like a credit note, and BAM, it gives the amount that will arrive in your account within a few days.
🤸♂️ Other things to know
- It's not our money: Aria pays for Auto-Thune, which allows us to offer you a fast payment service that does not depend on our treasury.
- Factoring is as old as the hills: Aria has modernized the system, but factoring has been used by companies for a long time to have control over their treasury.
- Fast-Track doesn't make us any money: The 3% you pay us, we pay it in full to Aria. Actually, Fast-Track costs us money since we pay penalties to Aria when clients pay us late and we therefore repay them late. But it's a really cool service, so worth it.
- If you don't choose Fast-Track: according to the T&C, payment is due in two months. That being said, we don't hold onto the money: if the client pays before, we pay you as soon as we receive the transfer.
And there you have it!
Updated on: 04/04/2024