Last updated on December 16th, 2021 at 09:47 am
As an independent Invoice Factoring Broker, we can can help your business source a new factoring facility.
We will assist you with comparing available providers, guide you through the application process and provide ongoing independent support.
There are a large number of potential invoice factoring providers available in the UK. Some cater for specific sectors like Recruitment or Construction.
A wide range of circumstances can be catered for, from new start ups to established SME’s.
Independent Invoice Factoring Brokers
We make setting up a factoring facility simple and straight forward. By using a factoring broker like ourselves, we can search the market for you to find a suitable facility.
You will benefit from our experience and get to compare offers from different banks/lenders.
Also we will assist you every step of the way with negotiations, form filling, applications and everything involved.
Why Use Us?
What Is Invoice Factoring?
Invoice Factoring is a type of invoice finance that is secured against your outstanding debtor book.
If you are owed money from your clients, you can release up to 100% of the outstanding value.
This only applies if you trade B2B and offer credit terms to your customers.
Factoring is suitable for:
- New Start Ups
- Fast Growing Businesses
- Construction Factoring
- Applications For Payments & Contractual Work
- Company Voluntary Arrangements (CVA)
- Past Insolvencies
- Bad Credit & CCJs
Which Sectors Can Factor Debt?
Any business sector that trades B2B and offers credit to their customers, can potentially us factoring.
Different lenders may specialise in certain sectors, given the differences in trading between them.
Here are some of the most common industries that use it:
How Does Invoice Factoring Work?
An Invoice Finance company will agree to pay you a set percentage of your outstanding invoices.
Debtor Book: £100,000
Payment Percentage: 90%
Funding Available: £90,000 (draw down as required)
Any applicable fees and/or interest will be deducted from the available balance.
Once your customer pays the invoice, the balance is cleared with the lender.
With a Factoring facility the lender usually assists with collections. In some cases this may be done confidentially.
Factoring With Recourse Or Without?
When taking out a finance facility, it may be on a recourse basis or without recourse.
This dictates who is responsible for unpaid invoices, the funder or the the creditor.
To read more about recourse, click here to read the full article.
How Much Does Invoice Factoring Cost?
The fees vary significantly between lenders and will be dependent on a large number of factors.
Apply below to find out the costs for your business.
Apply For Factoring Today
Get in touch to have a no obligation chat about what your options may be and the potential costs involved.
We do not charge any broker fees on factoring applications.
Invoice Factoring Manchester
Our head office is based in Greater Manchester.
If you are looking for a reliable local point of contact, we offer a face to face service to businesses throughout Manchester and the North West of England.
We also assist businesses with factoring right across the UK.