What is Professional Fee Funding (SOR)?
The Professional firm can offer their clients an option to pay outstanding invoices in instalments. The client would pay a cost for paying in instalments and the firm gets the full amount of the invoice/s upfront.
The Professional Fee Funding (SOR) facility is available for eligible merchants only.
The standard offering (universal offer) is to pay the outstanding invoice/s monthly over a 9-month period. All clients with an outstanding amount of $500* or greater have access to this option through their unique emailed link on invoices and reminders.
Refer to the minimum invoice amount required as stated in the Funding Agreement.
Professional Fee Funding (SOR) - Instalment Details
Each instalment incurs:
Service Fee (Instalment Fees/Interest)
- Calculated as a flat percentage of the outstanding invoices based upon the term offered.
Document Fee
- A One-off Set-up Fee of $50
The professional firm receives the total amount of the outstanding invoice/s but does not receive any portion of the fees.
The client pays these fees in full in the very first instalment. If the client chooses to pay out the facility before it is finished, the fees will not be returned.
Professional Fee Funding (SOR) - Rates & Fee Schedule for CANADA
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Professional Fee Funding (SOR)- Rates & Fee Schedule for AUSTRALIA
Professional Fee Funding (SOR) - Rates & Fee Schedule for US
In the US, Professional Fee Funding (SOR) transactions are limited to ACH payments and cannot be processed using credit cards.
Professional Fee Funding (SOR) - Calculator
To calculate the instalment fees and payment schedule, download this Professional Fee Funding - Calculator.
For Australia merchants:
- If your clients choose to make payment via credit card, there is an additional 1.45% + $0.28 surcharge.
- There is no charge for bank account debits.