Your interest payments are determined by your facility agreement or deed. Please refer to that document for full details.
Generally, on all payables finance facilities (Trade Finance or Supply Chain Finance), interest is charged at a daily rate and capitalised monthly, then paid via direct debit from your nominated bank account on the date specified in your facility agreement (typically the 6th of the following month).
If the scheduled debit date falls on a weekend or public holiday, the debit will occur on the next business day.
How is interest charged on a Fifo Capital payables finance facility?
Interest on Fifo Capital Trade Finance and Supply Chain Finance facilities is charged daily and capitalised monthly. The Transaction Fee and accrued interest are debited automatically each month, with the final principal and interest repaid by EFT on the Revised Due Date.
How does the payment schedule work in practice?For example, if Fifo Capital funded a supplier invoice in June, the payments follow this sequence:
- On 6 July, the Transaction Fee and any interest accrued in June are directly debited from your nominated bank account.
- On the 6th of each subsequent month within your extended payment term (up to the maximum term outlined in your facility agreement), monthly interest is directly debited from your nominated bank account.
When the transaction or invoice reaches the Revised Due Date, you'll need to make the final payment of Principal and Interest accrued directly via Electronic Funds Transfer (EFT). To complete this payment:
- Log in to Fifopay.
- Navigate to your transaction.
- Follow the payment instructions on the transaction detail page to transfer funds to the nominated Fifo Capital bank account.
If you have any questions or require assistance, please contact our operations team via Fifopay.