Apply for Spot Discounting

Simply complete this form to apply for Spot Discounting, we will get back to you right away.

No Credit Score Needed!

It takes less than a minute to apply.

Apply for Spot Discounting

Spot Discounting - Single Invoice Discounting - Spot Invoice Finance - Selective Invoice Discounting

Spot Discounting Calulator

*** This calculator and the values it displays are only to be used as guidelines. The figures that invoice lenders use to calculate finance change on a daily basis and the spot discounting lenders fees vary from lender to lender. ***

To get the best spot discounting deals and the most accurate quotes, fill in your details on the form above and our team will get back to you with the best spot discounting quotes tailored to your requirements.

The Basics of Spot Discounting

Spot Discounting – also known as Single Invoice Discounting, Selective Invoice Discounting or Spot Invoice Finance is an alternative form of business finance that essentially trades unpaid invocies for money in the bank.

Exchange unpaid invoices for Cash.

Must be a UK based company.

Get paid within 24 hours.

Must invoice business clients.

No credit score needed.

Turnover of at least £50k pa.

Fully confidential service.

Must have valid unpaid invoices.

How does Spot Discounting work?

Spot Discounting is a form of business finance that pays an agreed percentage of a companies outbound invoices in advance.

This is really helpful to improve cash flow and increase working capital in a business This is especially good if you have clients that have long payment terms of between 30 and even 120 days before they pay your invoice.

Spot Discounting is very similar to Spot Factoring, but there is one small (or large!) difference. With Spot Discounting, the service is fully confidential. You must collect payment from your clients and then pay the spot discounting company back on an agreed date – whereas with Invoice Factoring and Spot Factoring, the factoring company manages the debt and collects payment on your behalf.

How Spot Discounting works can be broken down into 3 easy steps…

Step 1

You raise an invoice for goods or services that you have provided to a company. The invoice must include the amount to pay and the amount of time it must be paid by.

Step 2

Send a copy of the invoice to your Spot Discounting provider who will pay you an agreed percentage of the invoice, straight into your bank within 24 hours.

Step 3

You will manage the debt and collect payment of the invoices yourself – essentially meaning that the discounting company is confidential. You will then pay the discounting company back an agreed amount at an agreed time.

Spot Discounting Requirements

Turnover over £50,000

One of the main requirements needed for spot discounting is to have a turnover of at least £50,000. Preferably your turnover will be over £100,000 per annum but if it’s less we may still be able to help.

Invoice Business or Government Clients

To be eligible for spot discounting, you must actively send invoices to business or Government clients for goods or services that you have provided. If your main income is to consumers rather than businesses then spot discounting is not for you.

Based in the UK

Your business must be based in the UK to be eligible for spot discounting. This includes England, Scotland, Northern Ireland and Wales.

Credit Score

Actually, your personal or business credit score are NOT taken into account with spot discounting! Spot Discounting is one of the only business finance options that does not take a credit score into account. Instead, the lenders use your unpaid invoices and the above requirements to determine whether they can offer you an spot discounting deal.

Why use Quotesy for Spot Discounting?

It is important to say from the start that we are not an spot discounting lender, nor are we an spot discounting broker.We do not charge for our service – it is entirely free!

What we do at Quotesy is take just a few details from yourself about your spot discounting requirements – and find you the best spot discounting deals on your behalf.

We work closely with the top 10 spot discounting lenders and brokers in the UK which means we can get you better deals and save you valuable time in the process. We take your details, call around our spot discounting partners and connect you with the best spot discounting deals tailored to your requirements. You will receive a call from between 1 and 3 spot discounting lenders who will have your details and offers ready.

  • How do you decide which spot discounting lender is best for you?
  • How do you know if you are getting the best spot discounting deals?
  • Do you have the time to ring around all of the spot discounting lenders going through the painstaking process of giving all your details and requirements over and over again?

By using Quotesy for spot discounting, you can rest assured that the above 3 questions are being taken care of by industry leading experts and that you are going to be getting the best spot discounting deals on the market. Save yourself time and frustration by letting us do the leg work for you!

Advantages of Spot Discounting

There are many advantages of spot discounting, such as being a very easily accessible form of business finance.

  • You are able to use just 1 invoice, whereas with Invoice Discounting you can borrow against multiple invoices.
  • Increases Cash Flow.
  • Improves Working Capital.
  • Fully Confidential – Manage the Debt yourself.
  • Frees up Time to work on your Business.
  • Allows you to plan for Growth.
  • No Limit on Available Borrowing.
  • Better Debt Management.
  • Money generally paid within 24 hours of applying.
  • No Credit Score needed.
  • Low Risk Business Finance.
  • Easily accessible form of Alternative Business Finance.

Disadvantages of Spot Discounting

It is important to remember that spot discounting is an alternative form of business finance. As with any form of business finance, there are downsides – such as having to pay the money back, with fees!

  • You will have to manage and collect the invoice payments yourself – unlike with Invoice Factoring or Spot Factoring.
  • Spot Discounting can be classed as short term finance so can have higher rates.
  • It may seem asif you are getting less money for the work you do – but it is important to remember that spot discounting is a form of finance and it needs to be paid back – from the collection of your invoices.
  • Complex exit process – It can sometimes be difficult to exit a discounting agreement if you suddenly have less money coming in – but it is not a major problem if managed correctly.

As with all forms of business finance, spot discounting does have it’s down sides – allthough in our expert opinion, we believe that the advantages of spot discounting outweigh the disadvantages of invoices discounting by a good margin. You will have to make the decision for yourself using the information we have provided you with.

Spot Discounting Lenders

There are many spot discounting lenders and brokers out there who all offer their own benefits with varying fees and service charges.

The top 10 Spot Discounting providers in the UK are (in no particular order):

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

Apply for Spot Discounting

You have 2 options when you want to apply for spot discounting.

Firstly, you can trawl the internet and call as many spot discounting companies as you can find – repetitively giving your details and requirements over and over again, while frustratingly trying to work out which is the best deal for you, or..

Secondly, you can apply for Spot Discounting with Quotesy. All you have to do is take 1 minute to fill out the form at the top of this page and we will do all the leg work for you. We have close contacts within the spot discounting industry and we can get amazing deals on your behalf.

So to recap, when you want to apply for spot discounting – simply fill in our form at the top of the page and then wait for a call from an spot discounting company, who will already have your details and requirements at hand – saving you time, frustration and money!