What You’ll Learn:
- The core cash flow challenges facing the small business community
- Philosophies and insights that helped us determine how to build Flow
- If you want to learn why we built Flow, check out this piece.
At Hopscotch we believe it’s not the size of the business in the fight, it’s the size of the fight in the business. And we’re all about helping SMB owners, freelancers, and entrepreneurs succeed by building competitive payment products.
Hopscotch Flow gives small business owners, freelancers, and entrepreneurs the power to instantly unlock funds tied up in unpaid invoices. By giving smaller businesses access to the same cash flow tools as large companies, we’re leveling the playing field and creating a much-needed safety net for the small business community.
So how did we do it?
01. We kept it simple, fast, and discreet
When you’re running a small business, you don’t have a finance department to help manage your cash flow.
That’s why we made Hopscotch Flow simple and user-friendly. Even tiny teams with limited time and resources can easily use Flow to supercharge their revenue as needed. See how much you can get for your invoice in real time, accept the deal, and then get paid—instantly. You’ve earned this money, and we think you should control when it hits your account.
Traditional factoring companies rely on manual underwriting processes to determine A) if an invoice even qualifies for financing, and B) the corresponding fee for financing a qualified invoice. As you can see, this process is long and inconvenient. As a small business, you might start the due diligence process only to be rejected days later. This wastes valuable time.
At Hopscotch, we’ve rewritten the playbook to give you fast access to working capital as you grow your business. We underwrite every invoice in seconds and give you a decision as soon as you hit send. If you’re not ready to Flow right away, no worries. The offer remains available for you to take advantage of as you see fit.
On top of being fast and easy-to-use, Flow is also discreet. We know that personal relationships are critical to small businesses, so we’ve made sure that Flow is completely invisible to your clients. We handle the entire collection process privately. Your client won’t be notified at any point, and you can get paid on your own terms.
02. We set a price your business can afford
There are plenty of companies and banks out there willing to finance invoices—but they only want to work with the big dogs. We’ve designed Flow to give small businesses and freelancers the same flexibility available to corporate clients at equally competitive prices.
Initially, pricing is based on the due date and size of your invoice. As your customers develop a deeper relationship and payment history with Hopscotch, we’ll be able to make Flow even more affordable.
03. We made Flow widely available
We want everyone to be able to use Flow, so we’ve made most invoices on our platform eligible.
To be eligible for Flow, an invoice must be:
- Due in the next three months,
- To a payee with a consistent payment history,
- For an appropriate amount based on case-by-case data points
04. We’re still building
The Hopscotch team is constantly refining and improving the capabilities of Flow. In the future, we’ll give small businesses the ability to partially finance an invoice, creating even more financial flexibility. We’re also looking for ways to make more invoices eligible for Flow. Most importantly, we’re listening for feedback from the small business community to guide our future work.
In the meantime, we’re creating a “Risk Score” tool to summarize the payment history of our users. The bedrock of this score is making on-time payments on Hopscotch—pay on time, and your score improves. Ultimately, we plan to use the Risk Score to provide more capital to small businesses at even lower fees, supported by a group of select partners.
We’re so excited for all that’s to come, and the ongoing opportunity to support small businesses.
Want to take advantage of Flow? Create a free Hopscotch account today and start transacting.