What is Marmalade?
Marmalade is an invoice Payments service that processes your customers invoice payments free of charge with the added flexibility of being able to select unpaid invoices to be paid today for a one-off fee.
How does Marmalade work?
- Issue invoices in the same way, on your terms. Simply connect your Accounting Platform, without making changes to how you invoice.
- Update your invoices with your new payment details so you can get paid early. We’ll match and process all invoice payments in real time using OSKO.
- Your customers receive monthly automated statements using your branding, on your behalf, prompting payment by bank transfer or card.
- If you choose to cash-in and get paid early Marmalade will pay this invoice in full less a one-off fee of between 2.5% - 4.99%.
- Once an invoice is cashed-in Marmalade does not charge any additional interest or fees, customer insolvency risk is absorbed by Marmalade and no liability recorded on your Balance Sheet.
Is Marmalade right for my business?
Marmalade supports all businesses that meet the following criteria:
- You have been using Xero, Quickbooks or MYOB as your accounting software for at least three months.
- Have an annual revenue of more than $100,000.
- Are comfortable updating the payment details on your invoices.
How do I sign up with Marmalade?
Signing up for a Marmalade account is quick and easy.
- Speak to one of our specialists about your objectives.
- Connect your accounting platform to view your invoices and pricing.
- Sign your agreement, verify your business identity and update your payment details.
- Choose which invoices you want to Cash-in and receive early payment.
- Choose if you want your customers to earn Rewards.
Click here to get started.
How much does Marmalade cost?
When your customer pays an invoice with Marmalade most transactions are free of charge. Marmalade incurs a credit card processing fee of 1.7% + 30c which is passed on at time of payment and can be surcharged to your customer.
If you choose to Cash-in an invoice before your customer has paid it, you will be charged a one-off fee between 2.5% - 4.99%. You’ll be clearly informed of that fee, for each invoice, before you Cash-in so you can decide which ones to choose.
How is the Cash-in fee calculated?
The Cash-in Fee is a function of your Status Fee and the Customer Fee.
The Status Fee is based on your Status which will start at 0% and can be maintained at 0% if all invoices are issued and paid through Marmalade.
The Customer Fee is based on the Customer Rating (between 1-5 stars) and is based on the risk of non-payment:
- 5 Stars: 2.5% - 2.99%
- 4 Stars: 3.0% - 3.49%
- 3 Stars: 3.5% - 3.99%
- 2 Stars: 4.0% - 4.49%
- 1 Star: 4.5% - 4.99%
- 0 Stars: Unavailable
How much can I Cash-in?
There are no limits on the amount of invoices you can cash-in.
The number of invoices you have available to cash-in will be dependent on your Status and your Customer Ratings. Invoices are made available once they are approved or issued to customers in your accounting platform.
If the invoice is available to be cashed-in it will appear in the Available or Conditionally Available tabs. For more information on the Marmalade Dashboard refer to our Help Centre article here.
Can I request to make a Customer's invoice eligible?
The cash-in fee is built into the system and invoices can only be made eligible if the combination of the Status Fee and the Customer Fee is less than the 4.99% threshold. Refer to the answer above for more information on how to reduce your cash-in fee to increase the number of invoices which can be made eligible for cash-in.
How soon can I Cash-in after joining Marmalade?
Once you’ve completed your onboarding steps, generally you should expect to be able to cash-in straight away - either by reissuing some of your outstanding invoices if they are Conditionally Available or issuing new invoices with Marmalade's bank details. Any new invoices issued that appear in the Available or Conditionally Available tabs can be cashed-in.
How does Marmalade ensure invoices get paid after they’ve been cashed-in?
Marmalade sends monthly statements on your behalf, using your branding reminding them of any outstanding payments.
Marmalade may contact a customer directly if an invoice is long overdue or as part of our ongoing monitoring and investigation processes.
For more information on Marmalade communicates with your customers please refer to our Help Centre article here.