Insurance for your business

Simple factoring solutions for your business

Finding a factoring company can be difficult. Within the United Kingdom alone there are hundreds of invoice finance brokers and providers which offer factoring and invoice discounting services.

Simply Business works with Touch Financial, an invoice finance specialists, to offer an expert, impartial service. You can compare factoring quotes from leading factoring companies.

Benefits of using a factoring company

1. It saves you time – the factoring company manages your sales ledger for you.
2. When you issue an invoice you will know when it will be paid.
3. No long term loan – the loan is repaid each time a client settles their invoice.
4. The facility grows with your business so no need to keep increasing your overdraft.
5. You have more working capital to put back into your business.
6. Factoring is more competitively priced than overdrafts and conventional business loans.

What does factoring cost?

Rather than charging interest and arrangement fees like a bank loan, factoring fees are split into two parts:

1. A Service Fee covers the day-to-day servicing of your purchase ledger. This can be between 0.5% and 3% of your turnover.
2. 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

1. Complete our simple form to receive quotes.
2. Compare the quotes and the factoring team at Touch Financial will contact you to discuss them.
3. One of their experts will help you to decide upon the best facility and factoring company for your business needs.