How much does it cost to use our service?
You don't have to pay us a penny! We collect a small commission from the factoring company. It will never cost you more using our service, and in most instances you will get a better rate than going direct. This is because all companies know they are in competition with each other so actively offer you their best prices and deals. This is an exclusive way of working and it genuinely benefits all parties involved. You get the best rates and the factoring company can find new customers easily, while we make a small profit on top.
How much does factoring or discounting cost?
The rate depends on your industry, turnover and number of invoices you send. Typical rates range from 0.5% - 2.5% of your turnover for factoring, and from 0.2% - 0.5% for discounting. Bear in mind with discounting you are only receiving finance, and not ledger management or debt recovery. You will also have to pay an interest rate on the total amount lent, ranging from 0.5% to 2%. This makes factoring the most cost effective way for you to finance your company.
Do I have to sign a long contact?
It depends on your requirements, here you can find providers who offer spot and single invoice factoring which require no ongoing contracts. However to get the best rates and services some companies may require a contact for services so they can commit their time and resources to your company.
Can I get out my contact?
All companies will offer you a way to release yourself from the contact. It's usually as simple as giving notice and paying your outstanding balance. If you find a better rate from another factoring company at any time, they will usually pay the outstanding balance on your behalf so you can switch with no hassle.
How long does it take to get the cash?
Once the terms have been accepted you can expect to get the cash with in as little as 1 hour. Some companies delay payment for the first invoice by 24 hours to ensure no problems arise.
Do I need a credit check?
You or your company do not require any form of credit checking or asset security to benefit from invoice factoring. All that's required is the customers invoice as security. The factoring company essentially buys the invoice from you for a small percentage.
How to I start?
Simply fill in our fast and easy quote comparison form and get connected to your perfect supplier today!