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Factoring
The lender will provide you with an advance against your invoices (up to 85% less fees) of the money owed to you by your debtors, the remaining balance will then be sent to you when the debtor pays.
With Factoring the lender will also complete a professional credit control services on your behalf. This is undertaken by a an experienced credit control team which means your customers deal direct with the lending who will be acting on your behalf.
Key advantages of Factoring
- You will have access to a highly skilled team of credit controllers.
- In simple terms it can be more efficient and cost effective to utilise an external credit control function.
- No worries about spending too much time chasing debts when this can be completed by the lender.
- Furthermore you will be provided with direct access to E3 which is the lenders online portal to maintain and manage your account 24 hours a day, 365 days a year.
- For further peace of mind you can include Debtor Protection which will protect your business against bad debts or protracted defaults. (see more information below)
Invoice Discounting
This is a similar facility to Factoring, however, the main difference is that you continue to manage your own sales ledger, credit control and collections.
Key advantages of Invoice Discounting
- Generally with this type of facility your debtors are unaware of the lenders involvement.
- Full access to the lenders portal 24 hours a day, 365 days a year.
- The facility can include Debtor Protection if required (see below)
Debtor protection
Debtor Protection is an add on to any type of Invoice Finance facility.
- It protects your biggest asset, your accounts receivables, in the event that a client becomes insolvent or is unable to pay for a protracted period.
- Knowing that your cashflow is safeguarded against these risks gives you considerable peace of mind.
Any further questions about Invoice Finance?
Click the link below or call 0161 8211478 to speak with one of our specialists.
Finally as members of the Financial Intermediary and Broker Association you can be assured of a great service. https://www.fiba.org.uk/
Finance approval is subject to status and terms and conditions apply.
