What does it cost?
We do not charge you interest, just the agreed fixed 'cost of finance' added to the amount you are advanced - and nothing else.
What fees are there?
There are no arrangement fees, No early repayment fees, no late payment penalties and no hidden costs. What we agree up front is all you will have to pay. Ever.
How long will it take me to pay Liberis Finance back?
Your payments to Liberis Finance are linked to the way you are trading which means there is no set period to pay off, although we do estimate approximately how long it will take you to repay in your quotation.
How are my payments to Liberis Finance made?
We will divert a pre-agreed percentage of your DAILY card transactions so that they are automatically paid to Liberis: that means every time you take a card payment we will automatically be sent that % of each transaction to repay your advance - it‘s that easy, you don’t need to do anything. There is no minimum you can repay on any given day so when you aren’t that busy, you just pay back less.
Do I need to change anything?
To enable us to divert the repayment % we will need to open a new settlement account for you.
This means that your daily card takings will be deposited into this account and then immediately forwarded to your designated business bank account minus the repayment % that is sent to us.
This does mean that your daily transactions will settle later than before.
The takings will land in your account after the transaction goes through the card terminal - an example is below:
Day 0 - Card transactions totalling £500 taken on Monday
Day 1 – Transactions are sent to your settlement account on Tuesday
Day 2 – Split of 20% is taken totalling £100 on Wednesday
Day 3 – £400 clears in your bank account and Liberis receive £100 to repay your advance
Do I need to notify you if anything changes?
Is there anything that I shouldn’t change?
If you plan to make any changes to your Business setup (i.e moving from Sole Trader to Limited Company or one Limited Company to another), you may be in breach of your contract so give us a call first.
If you close your business or cease trading for any period of time greater than 7 days and do not notify us, then you may be contacted by collections so please let us know in advance and we can discuss your options. Please call to talk to us if you have any questions.
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