And all this time i thought you couldn't use a computer, well done, you did some research.
When a client seeks to pay an invoice, he or she is given the option to secure a loan for the amount of the invoice from QuickFee, with repayment terms extending between three and 12 months.
In Australia, QuickFee’s loans have been used to pay invoices for professional fees, disbursements, out of pocket expenses, counsel charges and similar expenses incurred by family law firms in connection with proceedings.
Australian clients are charged a A$150 establishment fee for the loan and an interest rate between 1.5% and 1.9%.
QuickFee generates revenue by charging monthly hosting levies to the firms that adopt its platform.
The company also receives revenue in the form of credit card processing fees and rapid settlement of EFT transactions in the US.
Additionally, for all loans, QuickFee receives revenue from accrued interest and other associated charges.
Since its 2009 inception in Australia, QuickFee has loaned about A$190 million throughout the country, with lending amounts increasing annually to reach A$40 million in 2018.
QuickFee’s US business was established in 2016, with lending in the region also rising annually to reach US$5.8 million in 2018.
