Under a Progress Claim Finance facility, Hermes provides working capital to a business by buying its unpaid customer progress claims (debtors) for immediate cash.
How Hermes Works
The business raises its progress claims as it normally would – adhering to relevant State Government Security of Payments Act requirements.
Progress claim copies are forwarded to Hermes for processing.
Hermes advances funds against the value of the invoices purchased – within 24 hours.
As the client’s customers pay the claims, Hermes releases the remaining previously unpaid balance less its fee and any retentions.
Hermes provides Progress Claim Finance facilities from $0.5m to $10m.
