Insurance for your business

Invoice discounting solutions for your business

Invoice discounting is a type of lending that gives your business control over its working capital and provides the opportunity for growth. The commercial finance firm will advance you cash against your invoices and you retain control over your debt collection and credit control.

Simply Business works with invoice discounting specialists Touch Financial to provide an expert, inpartial invoice discounting service. There is no set-up fee and if unsure about the benefits, you can trial a facility on a monthly rolling basis to make sure it is right for you.

Benefits of invoice discounting

• When you issue an invoice you will know when it will be paid.
• No long term loan – the loan is repayed each time a client settles their invoice.
• The facility grows with your business so no need to keep increasing your overdraft.
• You’ll have the capital to react more quickly to market opportunities
• Invoice discounting is more competitively priced than overdrafts and conventional loans.

What does invoice discounting cost?

Rather than charging interest and arrangement fees like a bank loan, invoice discounting 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 company’s base rate.

Setting up an invoice discounting facility through Simply Business

• Complete our simple form to receive quotes.
• Compare the quotes and then contact the factoring team at Touch Financial to discuss them.
• An expert will help you to decide upon the best facility and factoring company for your business needs.