Simple factoring solutions for your business
Find with Simply Business
Special solutions for
Recruitment invoice discounting
Wholesale invoice factoring
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Outsource debt collection
Simply Business works with Aldermore Bank, 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
- It saves you time – the factoring company manages your sales ledger for you.
- When you issue an invoice you will know when it will be paid.
- No long term loan – the loan is repaid each time a client settles their invoice.
- The facility grows with your business so no need to keep increasing your overdraft.
- You have more working capital to put back into your business.
- 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:
- 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 a call-back from one of our experienced factoring specialists to discuss your requirements
- You will then be referred to one of the Aldermore industry specialists who can either provide you with a email quotation or a face to face appointment
- If you are happy with the quotation, Aldermore will then discuss with you the next steps to putting a bespoke facility in place for your business