Stop worrying about late payments and improve your cashflow
Late payments continue to be a problem for businesses when it comes to balancing the books. Is your business suffering from late paying customers? Do you spend a lot of time chasing late payments? Using factoring or invoice discounting could be a solution for improving your cashflow.
What is invoice finance?
Factoring and invoice discounting are both invoice finance products. Invoice finance is a way of borrowing money against the value of your unpaid invoices, where you can get your advance of up to 90% of the invoice value within 24 hours of issuing your bills.
With factoring you can also outsource your debt collection, handing over your sales ledger management to the factoring company.
With factoring, the factoring company will collect the outstanding amount of the invoice. You outsource management of your sales ledger completely and you don't have to worry about holding enough money in the bank to pay your staff and overheads.
This product is similar to factoring, except you retain control over your debt collection and credit control. Invoice discounting is suitable for larger companies with an established credit control function. It allows you to raise money from invoices quickly without your clients knowing about the invoice discounting company.
How can invoice finance help you?
- Solve the problem of late payments by customers
- Release cash tied up in your unpaid invoices
- Balance your cashflow by regulating your income
- Grow your business with a cash injection
- No need for expensive overdrafts or loans