Buyers approve invoices from their Suppliers and put up a pre-determined amount of money for early payment of such approved invoices.
Buyers invite Suppliers with approved invoices to participate in an auction via InvoiceAuction. In this auction, Suppliers may bid for immediate payment of their approved invoices.
To make a bid, a Supplier will look up its approved invoices on a secure site provided by InvoiceAuction. The Supplier can submit a bid by offering a discount on the approved invoice’s nominal amount.
Once all bids are in, InvoiceAuction will identify the best bids according to their terms until the pre-determined sum of money can be allocated among them and informs the Buyer about the result.
“No banks. No factoring. No hassle.”