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What is Invoice Finance?

Invoice Finance is a way of borrowing money against your outbound invoices.

Invoice finance comes in two forms – Invoice Factoring and Invoice Discounting.

Both Invoice Factoring and Invoice Discounting are very similar in the way they work with just a few differences. The main difference is that with Invoice Discounting, the Invoice Discounting company chases the payment of your invoice for you whereas with Invoice Factoring, they don’t.

Invoice Finance, whether it is invoice factoring or invoice discounting, appeals to many business owners as it doesn’t use a credit scoring system to approve applications, instead it uses legitimate invoices that you have sent to your clients.

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How can Invoice Finance help me?

Invoice Finance can help in many ways. If you have clients who do not pay their invoices on time or who have very long payment terms of upto 120 days – then Invoice Factoring or Invoice Discounting may be a good way for you to get your hands on the money much quicker.

If your business struggles with regular cash flow then Invoice Finance can help. You don’t need a credit rating to apply – you simply use legitimate invoices that you have sent to your clients to borrow against. Invoice Finance companies can even help chase the debts to have them paid off faster for you.

Main Features of Invoice Finance

These are the Key Features of Invoice Finance – Factoring and Discounting.

  • Turn outstanding invoices into cash.
  • Manage cash flow problems better.
  • Chase debts and get paid sooner.
  • No credit score required.
  • Payments received within 24 hours of application.
  • Dedicated accounts manager to assist with application and debt chasing.
  • No more long term payment plans of 30, 60, 90 or 120 days from your clients.
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Benefits of Invoice Finance

Easy and Fast Access to Cash

Unlike other forms of finance, Invoice Factoring and Invoice Discounting are simple and fast processes which allow you to have the money in your account within 24 hours of applying for the finance.

This can be a huge help for businesses who are struggling with cash flow or need extra capital for a large contract.

There are no credit searches involved, making Invoice Factoring and Invoice Discounting an option for any business that sends invoices to their clients.

No More Long Payment Terms

Do you have clients who demand long payment terms of 30, 60, 90 or even 120 days?

Long payment terms like these can seriously hinder a business and cause serious cash flow problems, but sometimes they are necessary to secure the contracts.

The best way to get around this and unlock working capital is to use either Invoice Factoring or Invoice Discounting. You could get upto 95% of the invoice value paid into your bank within 24 hours of applying.

Reduce the Risk of Late Payments and Debts

Clients running past due on invoice dates and contracts which have long payment terms of 30 – 120 days are a serious cash flow problem which can put your business into debt and incur late payment charges for your own invoices.

By working with an Invoice Factoring or Invoice Discounting company, you can get your hands on the money that you are owed within 24 hours of applying for the finance so you can pay your bills on time and keep a steady cash flow.

Payments Received within 24 Hours

Invoice Finance is one of the fastest forms of business finance, with upto 95% of your unpaid invoice amounts being paid to you within 24 hours of applying.

No Credit Score Required

Unlike almost every other form of business finance, Invoice Finance does not use a credit scoring system. So even if you have bad credit, you can still take advantage of invoice factoring and invoice discounting as long as you meet the necessary requirements.

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Invoice Finance Options - Factoring Discounting Quotes Apply Now

Types of Invoice Finance

Invoice Factoring

A factoring company will lend a certain percentage of each invoice that it issues, upto 95% of the value of the invoice; it will then collect the payment for the invoice when it becomes due and pay the balance back to the issuing company. The Invoice Factoring company charges a fee, usually a very small percentage of the value of each invoice, and interest on the amount of money borrowed.

The company using Invoice Factoring must notify its customers of the new arrangement, and hand over the task of collecting debts to the factoring company. Often at the start of a new factoring relationship, the factor will take on all existing debtors, which can involve a very substantial payment being made to you right from the start.

Invoice Discounting

Invoice discounting is often confused with factoring. Both services fall under the umbrella of invoice finance and are very similar in nature, but the main difference is that Invoice Factors chase invoices and debts on your behalf whilst Invoice Discounters allow you to keep your credit control and invoicing in house, which can be better if you don’t want your clients know you are using an Invoice Finance company.

Invoice Discounting and Invoice Factoring are often provided by the same lenders but the management fees for Invoice Discounting are much lower because you are managing the invoices and debt payments yourself.

How Much does Invoice Finance Cost?

The cost of each invoice to be financed varies depending on a few factors.

The length of factoring period is one factor. This is the amount of time it takes your customer to pay their invoice. Factoring fees reflect the risk and time taken to get the payment to the factoring company.

The Discount Rate is another factor. This is also know as the factor rate. This works similar to borrowing from a bank with their interest rates. The higher amount that you are factoring, the lower the factoring rate, typically this varies from 0.5% to 5% depending on the amount to be factored.

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Who is Invoice Finance For?

Invoice Finance is suitable for any business that has money tied up in their outstanding invoices.

Whether it is from clients who have long payment terms of 30 – 120 days, or clients who simply have not paid your invoices on time.

If you’re wondering whether or not it’s right for you, we can talk through your options and put you in contact with the Invoice Finance companies most suited to your requirements.

Which Invoice Finance is right for me?

Invoice Factoring

If you want to get the money that you are owed and let an Invoice Finance company chase the payment up on your behalf, then Invoice Factoring is for you.

Invoice Factoring companies chase the debts on your behalf and liaise with the clients who owe the invoices. You will get paid upto 95% of the value of the invoice and the invoice factoring company keeps the remainder plus any fees that may be owed.

Invoice Discounting

If you would rather keep the invoice finance company discreet, then Invoice Discounting may be the option for you.

Invoice Discounting works almost the same way as Invoice Factoring in the sense that the application and requirements are the same, and you get paid the same amount within 24 hours. However, you are responsible for keeping the relationship with your clients and chasing up the invoice payments when required.

Invoice Finance Providers

Invoice Finance Options - Bibby
Invoice Finance Options - Close Brothers
Invoice Finance Options - Touch Financial
Invoice Finance Options - Hitachi
Invoice Finance Options - Lloyds Bank
Invoice Finance Options - RBS Royal Bank of Scotland

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Compare Invoice Finance

So if you have made it this far, you are probably quite interested in getting some Invoice Finance Quotes.

The problem is, there are that many different companies offering that many different services and packages – it would take a lifetime to pick the best invoice finance for your business. You would have to trawl the Internet and fill in different forms and call different companies to request quotes and go over all of the information again and again, just to get the best invoice factoring quote.

Fortunately, we take all of the hassle away and offer a very quick and easy service to deliver you invoice discounting quotes.

Simply tell us what you are looking for and give us your details and we will do the rest!

We will deliver you quotes from the top 3 invoice finance services based on your requirements. The whole process is fast, stress free and very efficient.