New feature: Invoice Protection
As part of our mission to help protect your cash flow, and save you time and money, we’ve teamed up with Hokodo to bring you Invoice Protection.
Did you know that small businesses like yours across the UK collectively spend hours chasing over £50 bn in unpaid invoices? Don’t let it happen to you.
With Invoice Protection, you can insure your invoices and guarantee payment, even if your customer isn’t able to pay you (terms and conditions apply).
This feature is now available for limited companies who have filed up-to-date accounts with Companies House. It isn’t yet available to sole traders.
Insure your invoice, protect against non-payment
Never considered insuring your invoices before? Here’s why it’s a smart solution for many small business owners:
- Protect against non-payment
Your payment is guaranteed, even if your customer can’t pay you (terms and conditions apply).
- No long-term commitment, no subscription fees
You pay per invoice so you only pay for what you need.
- Easy to set up
You decide which invoices to insure and you’re protected in just a few clicks.
- No chasing unpaid invoices
Hokodo takes care of everything, including the hassle of trying to collect late payments.
How it works
Protecting your cash flow with Invoice Protection is easy:
- Log into Tide on the web and go to ‘Invoice’
- Check your customers’ credit scores
To help you decide which invoices to insure, you’ll be able to see your customers’ credit scores. This is a measure of their financial health (5 stars = good financial health, 1 star = substantial risk).
- Select an invoice and get a quote
You can protect a single invoice or several. Typical costs are between 0.3% and 1% of the value of the invoice. For invoices under £20,000, Hokodo will give you a quote in less than 30 seconds. If you accept the quote, Hokodo insures your invoice against non-payment from your customer.
- Contact Hokodo if your invoice becomes 45 days overdue
If your invoice becomes overdue by 45 days, contact Hokodo at firstname.lastname@example.org
- You need to notify Hokodo within 30 days of the invoice becoming 45 days overdue (so that’s 75 days from the ‘payment due’ date on your invoice).
- Hokodo will reply by email, explaining what to do. This is when you can instruct their debt collection service to step in to chase your customer.
- The collections process usually takes 15 to 60 days.
- Read more from Hokodo: How soon will I get paid?
- Get paid
If the collection fails, Hokodo will pay the protected amount (90% of the invoice value). Hokodo is backed by specialist insurers Lloyd’s of London so you know your claim is in safe hands.
What you said
Some of you helped us beta-test Invoice Protection. Here’s what Tide member Joseph had to say:
“We found the Invoice Protection service very easy to use and useful. Fortunately our clients paid on time but it was definitely great to have the back up and know that we’d get paid if our client couldn’t pay us during these trying times with COVID-19.”
Joseph, J R Cleaning & Removals, Sheffield
Try it out now
To try out Invoice Protection, check your customers’ credit scores and get a quote, log into Tide on the web and go to Invoice. You’ll also find FAQs there about Invoice Protection.
To read more about Hokodo and how they’re revolutionising access to financial services for small businesses, visit their website.
Invoice Protection is one of the many ways we’re helping small businesses save time and money. Let us know what you think by emailing us: email@example.com
Hokodo Services Limited is authorised by the Financial Conduct Authority as an Appointed Representative of Innovation Risk Limited. Hokodo’s Invoice Protection is underwritten by Lloyd’s of London, the world’s leading specialist insurance market, so you know your cover is in good hands.