KRONOS is a revolutionary online factoring platform for suppliers to take control of their cash flow, on their own terms. Bid farewell to uncertainties and stresses of delayed payments - now you can have a predictable cash flow to tap on business opportunities and fuel your operations.
Why KRONOS?
Cash Flow
Be empowered with the flexibility to obtain early payments for your invoices, in just 3 steps online.
- Select the invoices you would like to receive early payment
- Choose your preferred payment date, which can be as early as the same day of application
- Submit your application
Accessibility to Approved Invoices
Get timely updates on payment progress on your KRONOS’s dashboard.
Supplier-Centric Funding
An online supply chain financing platform built to empower suppliers with flexibility and control. Unlike traditional invoice financing, you can select the invoices you want to receive payment earlier.
Hassle-Free Financing
Gain access to cash flow anytime, anywhere via KRONOS’s online platform. In addition to the convenience, it is a per-pay-use service with transparent fees.
FAQs
KRONOS by Polaris is a revolutionary financial strategy empowered by technology that enables businesses to optimize their working capital & liquidity tied up in supply chain processes by putting the power of early invoice payments in Suppliers’ hands at favourable terms (Your time, Your Terms). It involves Polaris stepping in as the financier to facilitate early payments to Suppliers on behalf of a buyer. The buyer then settles the invoice with Polaris on the agreed-upon date.
Polaris KIN Pte Ltd (“Polaris”) is a wholly owned subsidiary of GB Helios Pte Ltd (formerly Goldbell Financial Services Pte Ltd) (“GB Helios”), one of the fastest-growing non-bank financial institutions in Singapore and a member of the Goldbell Group.
Goldbell began its journey as a distributor of commercial vehicles in Singapore during the 1980s and has since evolved into many businesses' leading local and regional partners. GB Helios was established in 2015 to cater to the expanding needs of their diverse clientele and operates as an exempt moneylender under the Moneylenders Act (Cap. 188). Today, GB Helios is one of the leading non-bank financial institutions to offer one-stop financial solutions - from Factoring, Term Loans, and Business Property Loans to customizable alternative financing solutions such as Embedded Financing, Venture Debt, and Revenue-based Financing.
Polaris was conceived as the financial launchpad and venture debt financing arm of GB Helios, originating in 2018 with the aim of expanding the range of financial services available and capitalizing on the emerging alternative funding sources that first emerged in Southeast Asia in 2015. Our core mission revolves around supporting our partners to navigate through the strategic inflection points in the business life cycle, paving the way towards scalable growth in the future.
Inspired by the Greek mythology’s god, Kronos, known for his mastery over time, Polaris’ revolutionary financial strategy seeks to put the power of C.A.S.H firmly in Suppliers’ hands.
C - Cash Flow
Bid farewell to the uncertainties and stresses of delayed payments. KRONOS empowers you with the flexibility to access early payments for your invoices anytime you want, ensuring a steady and predictable cash flow to fuel your operations.
A - Accessibility to Approved Invoices
Enjoy the convenience of timely access to payment details through a unified digital dashboard as soon as an invoice receives approval from the Buyer.
S – Supplier-Centric Funding
KRONOS is designed to allow you maximum control and flexibility over your account receivables. Request for early payment of any approved invoice of your choice without having to pledge your entire account receivables, unlike traditional invoice financing.
H - Hassle-Free Financing
Transparent fees ensure you only pay when you use the service. The process is seamless and swift. With as little as three simple clicks, you can take control of your cash flow like never before.
To be eligible to join KRONOS as a Supplier, you must meet the following criteria:
- You have an anchor buyer who is onboarded on KRONOS.
- Your business must be registered as a Company, Partnership, Limited Partnership or Limited Liability Partnership in Singapore.
- Your business must have a minimum of 1 years of operational history.
Businesses with less than 1 years of operations can still apply and each application will be assessed individually.
Please note that your application is not final until we verify your information and confirm your eligibility. We will notify you of the outcome as soon as possible.
To complete your application, please ensure you have the following documents ready:
1. Certified True Copy of Board Resolution.
2. Proof of bank account designated for early payment proceeds. Acceptable documents include:
a) A bank statement including bank name, your registered address, account name and account number which is less than 3 months old.
b) A screenshot or printout of the account summary page from the online banking portal, displaying bank name, account name, account number and either recent transactions & / or current / last login date / time.
c) A signed letter from your bank or bank letterhead sent to your registered address verifying the account name and account number. The letter must be less than 3 months old.
We strive to process your application as fast as we can to ensure a smooth onboarding experience for you. The typical processing time is 3 business days from application, but it may vary depending on several factors, such as the completeness of your application and the need for additional verification. We appreciate your patience and cooperation during this process.
Once your KRONOS account application is approved, we will notify you via email. Be sure to monitor your email and check your spam folder in case the notification ends up there.
With as little three simple clicks, you can take control of your cash flow like never before:
1. Select Invoices: Choose the invoices you'd like to receive early payment for.
2. Choose Payment Date: Pick your preferred payment date, which can be as early as the same day (for request received & approved before 12 noon. See How soon can I expect early payment for my invoices? for more information).
3. Request Approval: Submit your request.
Once approved, you will can count on Polaris to make the Net Purchase Amount (Approved Invoice Amount less Applied Discount) on your chosen date (See “Are there any fees associated with KRONOS?” & “How soon can I expect early payment for my invoices?” for more information). You will receive an email notification when that happens. It's a hassle-free way to take charge and optimize your cash flow.
If your company requires dual approvals for early payment requests, you can designate one individual as the Checker (1st approval) and another as the Approver (2nd approval).
Here's a step-by-step guide to the process:
1. Select Invoices: Choose the invoices you'd like to receive early payment for.
2. Choose Payment Date: Pick your preferred payment date, which can be as early as the same day (for request received & approved before 12noon. How soon can I expect early payment for my invoices? for more information).
3. Request Check: Submit your request to your Checker for 1st approval.
4. Request Approval: After the Checker approves, your request will be sent to your Approver for 2nd approval.
Once both Checker and Approver approve, Polaris will make the Net Purchase Amount (Approved Invoice Amount less Applied Discount) on your chosen date (See “Are there any fees associated with KRONOS?” & “How soon can I expect early payment for my invoices?” for more information). You will receive an email notification when that happens.
This process ensures a seamless handling of early payment requests, even when multiple internal approvals are required.
You can enjoy a faster and simpler process by disabling the approval matrix and requesting early payments in just two clicks! The steps are as follows:
1. Select Invoices: Choose the invoices you'd like to receive early payment for.
2. Choose Payment Date: Pick your preferred payment date, which can be as early as the same day (for request received & approved before 12noon. How soon can I expect early payment for my invoices? for more information).
Polaris will process the Net Purchase Amount (Approved Invoice Amount less Applied Discount) on the date you choose (See “Are there any fees associated with KRONOS?” & “How soon can I expect early payment for my invoices?” for more information). You will receive an email notification when that happens.
No, it's not necessary. Polaris will obtain all the essential information required to validate your invoices directly from the Buyer.
KRONOS provides you with a seamless and convenient way to access early payments for your invoices whenever you need them. With as little as three simple clicks, you can take control of your cash flow like never before.
There are no upfront or subscription fees.
Upon request for early payment of invoices, an "Applied Discount” made up of two components will be applied.
- Discount Rate or Interest (ranging from 0.5% per month to 2.0% per month): This is calculated based on the number of days the invoice payment is accelerated from the Expected Payment Date. (The Expected Payment Date is the date when the Buyer usually pays your invoice, according to their payment cycle. For more details, refer to “What is the difference between Due Date and Expected Payment Date").
- Processing Fee (up to 0.7% on Approved Invoice Amount): A nominal flat fee per request may also apply.
You will have the opportunity to review and confirm the Net Purchase Amount (Approved Invoice Amount less Applied Discount) before finalizing your request.
However, it is important to note that the Applied Discount is often outweighed by the benefits of early payment and reduced financing costs. KRONOS is designed to enhance your cash flow and provide you with greater control over your financial resources.
In the wake of the Covid-19 recovery, we recognize the vital role of improved cash flow management in safeguarding against political tension, supply chain disruptions, and economic or geopolitical volatility.
With KRONOS, you can count on Polaris (the financier) for efficient and timely access to your funds. We will make payment on your chosen business day, potentially as early as the same day you make the request (same-day request).
Please keep in mind that same-day requests can be accommodated only when they are submitted and approved by your designated Checker (& / or Approver) before 12 noon on a business day.
You can request early payment for your invoices at any time after the Buyer approves and uploads them onto the portal. However, you need to do so before the Buyer initiates its the payment process, which usually happens a few days before the Expected Payment Date. In your early payment request, you may choose an early payment date that falls up to 2 business day before the invoice's Expected Payment Date.
Note: The Expected Payment Date is the date when the Buyer usually pays your invoice, according to their payment cycle. For more details, refer to “What is the difference between Due Date and Expected Payment Date”).
Once the Buyer initiates the payment process, the invoice will no longer be available for early payment request.
Example
- Invoice Due Date: 10 Oct
- Expected Payment Date: 20 Oct
- Buyer’s Payment Processing Date: 14 Oct
Before 14 Oct: You can submit your early payment request at any time to receive the funds on or before 19 Oct.
On or after 14 Oct: The Buyer has initiated the payment process for the invoice. It will no longer be available for early payment request.
For information regarding processing times, please refer to “How soon can I expect early payment for my invoices?” for details.
The Invoice’s Due Date is the date by which you expect the Buyer to pay your invoice, according to the terms and conditions of your contract.
The Expected Payment Date is the date that the Buyer usually pays your invoice, based on their payment cycle. The Expected Payment Date may be earlier, same, or later than the invoice due date, depending on the Buyer’s payment habits and internal payment cycles.
Absolutely! You have the flexibility to include multiple invoices with varying Early Payment Dates in a single request.
Furthermore, Polaris conducts the final checks and processing for each invoice individually, rather than in a batch format based on your request. This ensures that in the scenario where one or more invoices selected for early payment are not approved for processing, it will not impact the processing of the remaining invoices in your request. Each invoice is processed independently, ensuring each early payment request is processed smoothly.
Once the Buyer approves the invoice, you can expect it to be visible on the Portal within 1 business day for early payment requests.
While Polaris does not have control over the Buyer's invoice approval process, we actively collaborate with the Buyer to promote the timely approval of undisputed invoices.
Currently, the option for partial early payment of an invoice is not available. You may only request early payment for the full invoice amount. This policy is in place to maintain clarity and simplicity in the process, ensuring a smooth experience for all parties involved. We appreciate your understanding.
No, KRONOS is not a loan. It is a financing technique that allows suppliers to receive early payment for their invoices without incurring debt. Polaris, the financier facilitating the KRONOS programme pays on behalf of the buyer.
KRONOS is not a debt or a loan. This unique feature enables you to access cash without any adverse impact on your debt ratios, covenants, or credit rating.
In fact, KRONOS can positively impact your creditworthiness, as it reduces your reliance on your expensive short-term financing & allows you to pay your suppliers timely with more predictable cash flow. However, it's essential to manage finances responsibly to maintain a good credit profile.
KRONOS offers distinct advantages. It's a buyer-led program, leveraging the potentially stronger credit rating of the buyer, resulting in more favourable financing terms for you.
Moreover, KRONOS stands out because it imposes no mandatory lock-in periods, minimum financing thresholds, or exclusive financing arrangements. Unlike traditional invoice financing where financial institutions often cherry-pick invoices &/or require you to pledge your entire account receivables, KRONOS provides a cost-efficient solution that grants you full control, allowing you to access funds as needed and to choose the invoice(s) you want to receive early payment for while enjoying the convenience of timely access to payment details through a unified digital dashboard as soon as an invoice receives approval from the Buyer, all at your fingertips.
Additionally, unlike other credit facilities, KRONOS is not a debt or loan. This unique feature enables you to access cash without any adverse impact on your debt ratios, covenants, or credit rating.
Buyers may sometimes delay payments, even beyond the invoice due date. With this solution, your finance team no longer needs to constantly chase buyers for payment. This frees up their time to focus on more critical tasks and responsibilities.
No, the registration and onboarding process is straightforward and doesn't entail any software or technology investments.
In fact, you will have the advantage of accessing a unified digital dashboard for your accounts receivables with the buyer that are eligible for early payments in real-time, right at your fingertips through your mobile device.
All you have to do is log in, choose the invoices you'd like to receive early payment for, and you're on your way to getting paid. It's that simple!
Embark on this transformative journey with KRONOS today!
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