FAQs About EstImage Pay Answered: Transforming Cash Flow for Repairers
Navigating cash flow management in the smash repair industry can often be challenging, especially when dealing with payments from insurance companies. EstImage Pay introduces a seamless solution, ensuring that repairers can manage their finances more efficiently and focus on what they do best: repairing cars. Here, we answer some of the most frequently asked questions about EstImage Pay to help you understand how it can transform your business operations.
How Does EstImage Pay Work?
EstImage Pay allows you to receive immediate payment for invoices issued to insurers, rather than waiting for the typical payment cycles. Once you opt for EstImage Pay and your invoice is approved by the insurance company, you receive 100% of the invoice amount minus a service fee. This payment is processed on the same day if your bank supports real-time payments; otherwise, it can take 1-3 days.
What Are the Key Benefits?
Immediate Access to Funds: Eliminate waiting periods by receiving payments as soon as your invoice is approved.
Simple Integration: EstImage Pay is seamlessly integrated with EstImage Online making payments simple with just one click..
Who Is Eligible to Use EstImage Pay?
EstImage Pay is designed for EstImage Online repairers who meet certain criteria:
Registered Australian company (PTY LTD) with an ACN and ABN.
Operational for at least 6 months with over $100,000 in annual revenue.
Able to provide the last six months of business bank statements and the latest two business activity statements (BAS).
How Do I Apply for EstImage Pay?
Applying is straightforward:
Log into your EstImage Online account.
Navigate to the Administration menu and click the “Apply to use EstImage Pay” button.
Follow the prompts to complete your application.
Or simply request a call back here and one of our team will be in contact with you.
How much does it cost?
It’s free to onboard and access EstImage Pay
The simple fees are:
Initial service fee: $40 or 1.75% of the invoice amount
Dishonour fee: $10 per dishonoured direct debit transaction
You only pay for the time it takes for the insurer to pay your invoice. The service fee charged on each invoice covers you for up to 90 days and is calculated as the greater of $40 or 1.75% of the invoice amount.
If your invoice remains unpaid 90 days after being issued, FlipPay will auto-debit your account for the full invoice amount and close that individual agreement. FlipPay will forward to you any payment received by the insurer after this date.
You can repay the agreement at any time, or contact FlipPay directly to arrange alternative repayment terms on any specific agreement.
Example
Bob runs Awesome Smash Repairs Pty Ltd, and wants to utilise EstImage Pay to better manage his cashflow.
Invoice paid within 90 days
Bob does a job for Great Insurer Pty Ltd and requests EstImage Pay on his $5,000 invoice. The invoice is paid 3 weeks later.
Invoice amount: $5,000
Service fee payable: 1.75% of $5,000 = $87.50
Bob receives $4,912.50
Insurer pays $5,000 in 3 weeks, completing Bob’s agreement
Bob does another job for Great Insurer Pty Ltd and requests EstImage Pay on his $900 invoice. The invoice is also paid 3 weeks later.
Invoice amount: $900
Service fee payable: $40 minimum fee applied
Bob receives $860
Insurer pays $900 in 3 weeks, completing Bob’s agreement
Invoice not paid
Bob does another job for Great Insurer Pty Ltd, for $5,000 and finances this invoice via EstImage Pay too. This invoice is paid 4 months later.
Invoice amount: $5,000
Service fee payable: 1.75% of $5,000 = $87.50
Bob receives $4,912.50
90 days later, invoice remains unpaid and FlipPay auto-debits Bob’s account
Bob pays $5,000
Insurer pays $5,000 in 4 months, which FlipPay transfers directly to Bob
EstImage Pay is perfect for repair shops looking to transform their payment processes and improve cash flow. To learn more about EstImage Pay and how it can benefit your business, visit request a call back today.