Is my business eligible for invoice financing?
If your business has a turnover of £50,000 or more, you will be eligible for invoice factoring finance. For an invoice discounting option, you will need to be turning over £250,000 or more.
I already have overdrafts and loans in place. Why should i consider invoice finance?
At the point invoices are raised, funds are made available. This enables you to manage your cash-flow accordingly and ensure your business continues to run seamlessly.
How much funding could I potentially secure?
Invoice Financing can in some instances ensure up to 100% of your invoice value in as little as 24-48 hours. If your debtors are on 60 or 90 day terms, it enables you to have an immediate cash injection to bridge the gap. When you have been reimbursed by your customer in full, the balance will be available minus the deduction of a service fee.
Do all invoices qualify for an invoice financing option?
Any retail or commercial cash sales will not be eligible for an invoice finance option.
Can I transfer my current invoice finance facility to another provider?
Yes, this is a relatively simple process using an interfactor transfer. This enables you to switch from your current provider at any time.
Is Invoice Finance discreet?
With an invoice discounting plan your customers will not be aware you are utilising the service. This enables you to continue to send out statements and invoices under your own banner. An invoice factoring plan however differs in that your sales ledger will be managed by your funder and therefore all payment collections will be made on your behalf.
My customer hasn’t paid. What happens now?
In the instance of a customer not paying, your funder will assist you in reclaiming the outstanding debt. Once the invoice is settled in full you will receive the balance of the invoice.