Nomo has introduced this advance invoice collection service in order to provide the self-employed with cash flow practically immediately, through a 100% digital service. This service is currently crucial as many self-employed workers are suffering from cash flow problems. According to June 2020 data from the Barometer on the situation of self-employed workers produced by the Association of Self-employed Workers -ATA-, six out of ten self-employed workers state that their invoicing has fallen, while nine out of ten assert that their turnover will fall in 2020. A third of Spanish self-employed workers have resorted to ICO (Official Credit Institute) financing for cash flow, while one in three has incurred bad debts and has been affected by non-payment of invoices by customers.

Nomo, a strategic all-in-one platform for self-employed workers

With the new advance invoice collection service, Nomo is strengthening its strategy of providing a key, all-in-one platform for self-employed workers that combines all the accounting, tax control, advisory, receipt digitalization, insurance, etc. services that they may require.

In addition to the new feature, they may use the platform to digitalize receipts and invoices with a single photo, to add a bank account to display the business’ cash flow in real time and to streamline accounts with bank operations. Nomo also allows for the unlimited creation and issue of invoices to customers and for the monitoring of payments and of invoices pending collection. The platform also analyses self-employed workers’ net quarterly earnings and calculates the payment of tax payable at quarter-end in real time. It also offers an advice service on declaring tax and drawing up accounts books as well as unlimited enquiries to an expert. This service enables self-employed workers to save up to €50 a month in admin and advisory costs on the use of traditional tools and services. Users may also opt for a Banco Sabadell bank account, credit card and POS, as well as other services such as AXA insurance, Banco Sabadell rental services or legal documents drafted by MilContratos.

100% digital financing, trouble-free

Nomo is offering the new advance invoice collection service through its new partner Mercado de Facturas. The service is fast and 100% digital. Users select the invoice they wish to be paid in advance and are automatically shown conditions such as the amount advanced and the commissions to be applied. When the user requests the advance, Mercado de Facturas sends a contract by email. After it has been signed, the money is deposited in the self-employed worker’s bank account in a matter of hours.

Nomo users may make use of this service whenever they have an invoice pending collection, consider the conditions and decide whether or not to request the advance.