Advanon was created by a team of entrepreneurs from the technology industry and is now supported by experts from the field of banking and finance.
Currently Advanon is only available in Switzerland. Towards the end of 2016, we will start offering our services in Germany and Austria.
In order to contact us, please write an email to [email protected]. Please bear in mind that many answers can already be found here in our FAQs. If you cannot find your answer here, write us an email or call us by phone. You can reach us Monday to Friday between 09: 00h and 18: 00h under the following number: +41 44 585 38 50.
Advanon is an authorized financial intermediary that is directly subordinated to FINMA (Directly Subordinated Financial Intermediary, DSFI) according to the Anti Money Laundering Act (AMLA).
There is no limit on the amount of invoices that can be financed. However, the maximum number of investors a single company can have at any given moment is 20 in accordance with Swiss law. For your convenience, we have implemented a feature on our platform, making it impossible to exceed this number involuntarily.
Contrary to invoice discounting, at Advanon you only need to list the invoices you actually would like to have financed. Also, we do not require any personal guarantees. At Advanon there are no monthly service fees, nor do you have to be afraid that your invoice will be turned down by an investor. Our Invoices usually get financed within 24 hours. At last, Advanon advocates transparency. There are no hidden service fees and all financing cost are clearly presented upfront.
So far 100% of all invoices traded on our platform have been financed. While Advanon is a great tool for SME to manage their cash flows, it also provides attractive returns to investors. The current economic climate favours alternative investment opportunities such as Advanon. In addition, we have managed to create a wide investor network, ensuring immediate access to liquidity.
The general requirements for registering on the platform are the following: Your company must be in the Swiss Commercial register and selling products/services to other companies. In 2016 we plan to expand into Germany and Austria where similar criteria will apply.
To sign-up you can go to the sign up section and fill in your details. We will do a quick credit check on your company and get back to you within 24 hours.
To protect the integrity of the platform, in addition to the registration, an identity check is performed. For this purpose the borrower has to provide a copy of a valid ID or a valid passport and either upload it to the platform or send it via email to [email protected]. In this way we can ensure that the specific person is actually entitled to issue invoices online.
To start financing your invoices, please register at the platform. Once you have registered we will perform a credit check of your company. The check normally takes 2-3 hours and you will be notified once your account is enabled. When having access to the platform you need to upload your latest financial statements. We work in this regard with an external service provider with which we have signed a confidentiality agreement to ensure that your data will not be misused in any way. Based on your credit check and your financial statements we will provide you with a recommended financing fee. As soon as you have received access to the platform and uploaded your financial statements you can start financing your invoices. The whole process is normally finished within 24 hours.
If you decide to leave us, you can easily delete your profile in the account settings. Thus, all your data cannot and will not be accessed anymore.
Advanon is a very user-friendly platform that is simple to use. In contrast to factoring companies, we do not require you to run a separate ledger. In essence, you simply upload the invoice you would like to have financed and quickly verify it with some supporting documentation (e.g. proof of work done, or receipt of goods received). It’s very fast and easy.
The cost of the service consists of two components. 1) The first part is made up of the Advanon fee, which is approximately 1% of the total invoice amount. 2) The second component is the financing fee that the investor gets for financing your invoices. For this purpose, a recommended rate is created using the calculated creditworthiness for your business plus the Advanon fee. However, you can decide whether you want to use the recommended fee or not.
If an investor chooses to pre-finance your invoice, the cash will be transferred through an account controlled by Advanon. Hence, the investors will never have access to your bank account details. By transferring the cash through our account we can control the money transactions and proactively act in case there are any delays in the payments.
Once your customer has paid your invoice, you are to transfer the pre-financed amount plus the financing fees back to the account controlled by Advanon. We will send you our account details over email when it is time to repay the financing. Also, you can always access our account details over the platform.
Invoices are financed in Swiss francs (CHF) over the platform. In case your invoice is of a different currency, the currency risk remains with your company and the amounts are to be repaid in CHF.
By allowing multiple investors to finance one of your invoices we increase the speed and certainty that your invoice will get financed.
You upload an invoice as usual. Investors then finance parts of your invoice. Once the financing is done, you will receive one payment as usual. When it is time for you to repay the financing, you transfer one payment as usual.
Previously, invoices were financed by either 0% or 90% of the invoice amount. With the new function, invoices can be financed between 50-90%. As soon as 50% of your invoice has been funded, you can be certain that you will receive financing. With more investors being able to fund one single invoice, the certainty that it will be financed by 90% will increase.
By Swiss law, a company is required to have a banking license in case it has more than 20 creditors. Thus, we limit the number of investors per seller by 20. The limit happens in the background so you do not have to worry about it.
Yes, you will be able to follow how much funding has been covered in real time on the platform.
Privacy is an important issue for us. Advanon assumes responsibility, that your data is optimally protected. The sensitization of employees, regular training and an appropriate internal organization are elements which ensure compliance with data protection.
In general, only you have access to your data. Other companies seeking financing cannot see your data. The investors only see the relevant invoices and the calculated creditworthiness of your business, which is crucial to the proposed rate.
To protect the integrity of the platform, in addition to the registration, an identity check takes place. All participants have to provide a copy of a valid ID or a valid passport, which has to be sent to [email protected] or uploaded to the platform.
On the Advanon platform you can choose whether or not you would like to inform your customer about the financing. After uploading an invoice you will be asked how you would like the verification process to look. You will be able to choose from one of the following three options:
Yes. If the company uploads an invoice and the investor confirms that he will pre-finance it, a contract is formed. The Investor confirms to provide the named sum and the company is committed repay it back with the associated fees.
No. The obligation remains with you to make sure that your customer pays the invoice. The investor offers an advancement and does not assume the risk of default.
Each user who enters the platform must verify his identity. Furthermore, all participants on the platform are examined by Advanon.