Here we cover questions regarding registration, transactions and general questions about Butn. If you still have a question, send us a message via the contact us page.
Frequently Asked Questions
How do I pronounce ‘Butn’
Butn (noun) as in ‘button’.
Definition: Access to funding at the click of a Butn.
What are the benefits of Butn?
One time, quick and easy registration provides same-day transaction funding to keep your cash flowing.
What does Butn do?
Butn offers transactional funding products to help businesses manage cashflow and provide them faster access to their money.
Can I as an individual use Butn to fund transactions?
Butn funds businesses and can fund entities with an ABN or ACN.
Is my data secure?
We take privacy and security extremely seriously and have implemented the same security technology used by many of the major banks.
What products does Butn offer?
Butn X – Invoice finance. Ideal for businesses who want to access cash flow upfront rather than waiting for debtor invoices to be paid to term.
Butn Pay – Buy Now, Pay Later for Business. Ideal for businesses paying a supplier and repaid to Butn via several fixed payments over time.
Butn Now – Early advances of commission income. Ideal for real estate agents, mortgage brokers and business brokers.
Butn Plus – Business loans. Ideal for any business looking to grow.
What do I need to register?
You will need access to the internet, the driver license for each of the company’s directors, and an online banking account.
Can I register as a Sole Proprietor?
Yes, you simply register as the sole director during registration.
Can I register with a Trust?
Yes. The registration would need to be processed by a trustee, director or the trustee company. For trusts, we will require a copy of the trust deed for compliance purposes.
Do I have to fund all my invoices?
No. The beauty of transactional funding is you decide which invoices you would like to fund.
How do I know the status of my funded invoice?
You can check the status of all funded invoices on your Butn client login. After signing in, simply click on ‘Transactions’.
Can I fund invoices past their due date?
No. We can only fund invoices with due dates that have not past.
What happens if I or my debtor cannot pay by the due date?
Extension fees are applicable for late or overdue payments. The sooner you let us know, the sooner we can assist with collection or come to a payment arrangement. Extension fees work out at 0.1% each day the outstanding balance of the invoice is overdue.
How much funding am I eligible for?
Funding is determined based on several factors, including your credit assessment, trading history and the details of the transaction to be funded.
What are the fees?
A once-off Establishment fee (deducted from your first transaction) and a flat fixed fee per transaction, making it easy to understand with no surprises.
What are the fees per transaction?
The funding fee is dependent on the terms of the invoice, i.e., the time between the funding date and the invoice due date is fixed and clearly displayed prior to transacting. Typically, the fee ranges between 3% and 6%.
How do I change my nominated bank account?
Contact 1300 99 BUTN (1300 99 2886) and we will assist with the verification and amendments of your bank account.
Is there a limit to the number of invoices I can fund?
There is no limit to the number of invoices Butn can fund for you, so long as the total amount of funds loaned is within the credit limit set by Butn for your account. For invoices worth more than $75,000, or if the total amount of funds you have outstanding with Butn exceeds $75,000, an excess fee may apply.
Funding Limit Questions
What is the funding limit?
The funding limit is a guide to provide transparency to the level of funding you can receive, and a tool to support your cash flow management.
Your funding limit is unique to your business and is calculated based on our credit algorithm.
What factors influence your funding limit?
The factors we consider may include:
- Your credit and bank assessment;
- Time in business; and
- The trading history between your business and the debtor.
Can I increase my funding limit?
Yes, you can.
Should you wish to increase your funding limit, we will assess all factors as well as positive repayment history with Butn.
What if the request exceeds the funding limit?
You can still make a request for funding. Like any application for funding, each transaction is assessed against a number of factors.
If the transaction is over your available funding limit, by providing evidence (i.e. purchase order, signed proof of delivery etc.) of the goods or services, we may still be able to assist you.
For example, if your funding limit is $10,000.00, and you have an invoice for $15,000.00, you can submit this invoice for funding and it will be assessed by the team. We may either be able to partially fund this invoice up to your available limit or, with supporting documentation (e.g., Purchase Order or Proof of Delivery), we may be able to fund the full invoice.
What if I think my limit should be higher?
The funding limit is a guide. You can request funding that exceeds your initial limit, however, approval will be assessed against the factors mentioned above.
You can contact the Butn Operations team if you have any queries regarding the funding limit.