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Supplier invoice terms and conditions

This article outlines the essential invoice requirements under our payables facilities Trade Finance and Supply Chain Finance.

Tip: Check if you have a "Trade Finance" or a "Supply Chain Finance" facility in your Deed or Offer Letter, to determine the requirements that are relevant to you.

Supplier Invoice Requirements

All Facility types

Your supplier invoice added for payment must include:

  1. “Tax Invoice” stated at the top of the invoice
  2. The supplier’s name, address, ABN (or international equivalent)
  3. Invoice or Statement Date
  4. Invoice Due Date
  5. Bank payment instructions (NB - Operations will independently verify the bank account)

Exclusions

Invoices from any associated or related businesses (please refer your Letter of Offer and/or Deed). If there are common directors or parent companies involved, these suppliers cannot be funded.

Trade Finance facilities

The good news is if you have a Trade Finance facility you can pay just about any supplier invoice no matter what the goods or services listed are. This extends to part, deposit or pre-shipment payments, professional service fees, shipping fees as well as overdue invoices.

If in doubt we recommend you call your Fifo Capital team member.

Supply Chain Finance facilities

There are a number of invoice conditions with Fifo Capital's Supply Chain Finance solution. Primarily this relates to the policy restriction on the Trade Credit Insurance cover associated to your facility.

Funding exclusions

Our facility insurance policy has some key requirements. The following is a list of exclusions that may not be paid for this particular facility.

  • Operational expenditure invoices, including, but not limited to, labour hire, business advisory, accountants, legal fees, freight and shipping. Exceptions may apply for labour hire and freight invoices where these itemised costs represent a portion of the invoice which has other eligible line items (e.g. goods and related installation costs).
  • If the invoice has been issued by a supplier that also purchases from you. i.e. you cannot be both a customer and supplier to the supplier stated on the invoice.
  • Deposit or pre-shipment invoices.
  • Progress Payments
  • Proforma invoices, Purchase Orders or RCTI's.
  • Marketing or advertising services.
  • Hire purchase instalment invoices.
  • Overdue invoices - invoice(s) must be on-term when added to Fifopay and Fifo Capital must make payment (within SLA) to the supplier by the invoice due date.
  • Part payments - we are unable to fund part payments on invoices/statements & must pay the full amount as stated on the tax invoice/statement. If this is a balance payment, we require proof of the deposit being paid. 

Invoice Terms & Conditions

  • The supplier's invoice/s must be raised within 30 days of the goods being shipped to you. 
  • Invoice statements, the maximum extension period commences from the date of the statement, noting the invoices must have been raised in the same month as the statement.
  • Payment terms need to be clearly established. We kindly ask for a minimum payment term of just 1 business day. For example, if an invoice is dated 1 July, the earliest payment due date would be 2 July, which means the payment is due the next day.
  • The goods or services must be delivered or provided in full, or confirmation of the title or ownership of goods transfer taking place at the time payment is made to the supplier, must be visible on the invoice. For example, “Title transfer and ownership of goods will occur when the invoice payment is received.” must be included in the suppliers’ invoice. If it doesn't appear, please request your supplier to add. Be sure to include this statement on all invoices related to the Supply Chain Finance facility. This way, it’s clear that the title of the goods transfers to you once the invoice is paid.
  • Shipment/delivery documentation (Bill of Lading or Delivery Note) confirming goods have been fully supplied to you (attached to Fifopay with invoice upload), if not stated within the invoice.
      • The term “shipment” in respect of goods; is defined as the time at which the goods physically pass from the supplier into your exclusive, physical control or your agent.
      • "Shipment”, in respect of services, is when the work has been completed or such services have been rendered in full to your business.