Business factoring solutions for your business
Business factoring is the process of releasing cash from invoices as soon as they are issued, allowing you to put the money to work where it is needed most. Many businesses use factoring to regulate their cashflow and to prevent problems caused by late paying customers.
We partnered with invoice finance specialists Touch Financial to offer an expert, impartial service. Start comparing quotes today from a range of business factoring companies.
Business factoring benefits:
- When you issue an invoice you will know when it will be paid.
- Timesaving – the factoring company manages your sales ledger for you.
- No long term loan – the loan is repaid each time a client settles their invoice.
- You have more working capital to put back into your business.
- Factoring is more competitively priced than overdrafts and conventional business loans.
- The facility grows with your business so no need to keep increasing your overdraft.
What does business factoring cost?
Rather than charging interest and arrangement fees like a bank loan, factoring fees are split into two parts:
- A Service Fee covers the day-to-day servicing of your purchase ledger. This can be between 0.5% and 3% of your turnover.
- Interest is charged against the amount of each invoice, usually at a fixed percent above the factoring
Setting up a factoring facility through Simply Business
- Complete our simple form to receive quotes.
- Compare the quotes and the factoring team at Touch Financial will contact you to discuss them.
- One of their experts will help you to decide upon the best facility and factoring company for your business needs.