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Stories Tagged ‘Invoice Factoring Companies’

Cheap factoring is available from a variety of providers however everything is of course relative. When looking for an invoice finance facility it is important to remember that in some cases the most expensive provider can be 3 times more expensive than the cheapest provider.

It is also important to remember that good deals become available from lenders from time to time and as such the cheapest lender will depend on when you are looking. It is also important to remember that the cheapest factoring provider will also depend on the unique characteristics of your business and it’s factoring requirements.

Smart factoring quotes understand the market and monitor it’s changes. On that basis we can save you time doing research and can also save you money by ensuring the most competitive factoring lenders are introduced to you.

Invoice Factoring – Newcastle

Invoice Factoring is available throughout the UK but which invoice factoring companies have a true presence in Newcastle? Smart Factoring Quotes have an office in Newcastle.

Newcastle was an industrial heartland of heavy industry within the UK but today it is not dominated by large industrial employers. It thrives on the back of local entrepeneurs who have started successful SME’s.

These SME’s require funding and for businesses that sell or provide a service to other businesses invoice factoring or invoice discounting can be an ideal solution.

Newcastle is actively covered by several players. These include Bibby Financial Services, Aldermore Invoice Finance, Lloyds TSB Commercial Finance, Close Invoice Finance and Skipton Business Finance. There are also another dozen or so lenders who are very happy to assist businesses in and around Newcastle.

Smart Factoring Quotes also have an office in Newcastle and a real desire to help local SME’s. If you are an SME in Newcastle looking for a factoring facility it is worth understanding which lender and which product is best suited to your business. Smart Factoring Quotes can help you find both the right lender and the right product – simply contact us on 0845 863 0738 or visit or website. We can assess all the local offerings and also draw on contacts across the UK to find the best solution for the requirements of your business.

Each lender has very different criteria and capabilities. They are each suited to different types of businesses and it is imperative that you select the right lender for your business. Entering into what is typically a 15 -0 18 month contract with a lender that can’t really provide what you are looking for can be very detrimental to you business. It can also be very time consuming and costly.

Invoice Discounting Services

They are the invoice finance arm of Skipton Building Society and provide a full range of recourse invoice finance solutions. If you require a non recourse invoice finance facility they can source an appropriate credit insurance policy from a third party provider.

We have dealt with Skipton Invoice Finance on several occasions and they can do an excellent job with their traditional approach to invoice finance. When I say traditional I am referring to their credit policy which relies heavily on the quality of the debt and the quality of the people within the business. They accept that some businesses have financial difficulties and as such fall foul of the banks criteria for invoice discounting. Their approach is a flexible one and their product offerings can meet the needs of a client but also mitigate any risks that are associated with a deal.

It would be fair to say that Skipton Invoice Finance are not for everyone and they will be the first to admit this. However, in some situations they can offer what other lenders don’t. Their communication style is also direct which means clients know exactly where they stand.

Bibby Financial Services offer factoring, invoice discounting and trade finance solutions to businesses.

They ae the largest independent invoice finance provider in the UK with regional offices across the UK from Hastings to Edinburgh.

I have had a lot of dealings with Bibby and while their service levels can vary from office to office I feel that overall Bibby are a creative and solutions oriented lender.

Bibby are sometime criticised for their additional charges but in fairness to them I find their pricing to be competitive within the market and typically they price related to the risk taken which is fair. Bibby Factors will also come up with solutions that other providers of invoice finance often won’t.

If you would like to contact Bibby Financial Services or find which lender is best suited to your needs then please contact Smart Factoring Quotes on 0845 863 0738.

PayFactory is the new name of Calverton Business Support which provides invoicing, finance, credit control and payroll management to recruitment companies. Their aim is to become the market leader in recruitment finance and back office support.

Essentially it allows a recruitment company to outsource the areas they do not enjoy and concentrate on recruiting. It also offers peace of mind that their workers will be paid correctly and on time.

We have been told to expect some heavy marketing and PR in coming months.

It does however sound as though work still has to be done on the website to allow for uploading of schedules online and viewing of reports online.

If you wish to consider a facility from payFactor please contact Smart Factoring Quotes today. We can explain their offering in more detail. Importantly we can also explain the other options available to you from other providers.

Invoice Factoring Companies within the UK range between the arms of the high street banks such as HSBC through to small family owned outfits such as Factor 21.  Most of them offer the same basic services which are factoring and invoice discounting and some offer specialised services such as confidential factoring and trade cycle finance. However, it is important to remember that the same product from different lenders can be a very different proposition. It can differ on many levels such as price, actual prepayment level, the way you operate the facility and notify the invoices, the way the service is delivered by the lender, etc..

There are roughly 45 invoice finance companies in the UK so there is a good choice.  Typically depending on the unique needs off your business there will be a lender that is best suited to your needs. The problem is in identifying that lender. Unfortunately the factoring companies are sales focused and as such all will try to convince you that their offer is best for your business.

If you want some impartial and independent advice contact Smart Factoring Quotes.

I was recently helping a business in Leicester source a suitable invoice finance facility after their bank owned invoice finance company had decided they no longer wanted to support.

The proposal was a challenging one for a number of reasons but I love a challenge and was confident that I could assist. I was let down by one lender who despite understanding the challenges on day 1 took the lead forward for 2 months and then declined it based on the same challenges I had advised them about on day 1. This didn’t help!

Anyway, another broker had got involved and introduced another lender who aims to do the deals that other lenders will not do. Their position in the market is a good one and they are a valuable source of finance to companies that perhaps would not be funded to other lenders. However, they do charge accordingly and in this instance I did feel that a more traditional type of lender was appropriate.

I managed to secure an offer of invoice factoring from an independent invoice finance provider that was some £3,000 a month cheaper than the offer he already had from the other broker. The client was delighted and signed all the paperwork to proceed.

However, he had signed all the paperwork with the other lender having been advised it wasn’t legally binding until he owed them any money. This was the brokers advice rather than the advice of the invoice finance company concerned. Part of the documentation was a debenture that was promptly registered at companies house.

When it came down to transfer this debenture was a bit of a spanner in the works, although it shouldn’t have been! The lender that had registered insisted on £3,000 for the release of the debenture which the client promptly paid. In my opinion this debenture could have been cancelled by submitting a form to companies house.

There is an argument that my client led the other lender a merry dance and incurred them a lot of work and as such the fee was justified.

The moral of the story is be careful what you are signing with invoice factoring companies and be careful who you take advice from. The brokers advice in this instance was at best questionable.

Ultimate Finance Group Plc  have today announced that they have acquired Ashley Commercial Finance. Both are independent providers of invoice finance with Ashley firmly targeting the smaller end of the SME market.

They will trade as two seperate brands and Ashley will keep the same management team. However, to add value and reduce costs I am sure there will be some rationalisation going forward.

Ultimate Finance had their shares suspended a couple of weeks ago as they were going through this ‘reverse takeover’. It is termed a reverse takeover because Ashley are in fact the larger entity.

I have longstanding clients with both Ultimate Finance and Ashley Commercial Finance so they can deliver good service levels.