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Stories Tagged ‘Smart factoring Quotes’

13 Apr

Single Invoice Factoring »

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Single invoice factoring, often called spot factoring, is available via Smart Factoring Quotes.

If you are looking to factor a single invoice or a batch of invoices this is possible. Traditional factoring and invoice discounting facilities typically require a lengthy contract that will attract a service fee whether you use the facility or not.  Spot factoring attracts a simple charge which is a small percentage of each invoice and you can pick and choose when to use the service and which invoices you finance. The big advantage compared to traditional invoice finance facilities is the flexibility – you can access cash when you need it rather than being tied in to lengthy contracts that require every invoice to be notified.

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06 Apr

Lloyds TSB – Factoring »

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Lloyds TSB Commercial Finance have always been aggressive in terms of pricing and also credit appetite when compared to the other bank owned invoice finance providers.

However, recently I have seen their factoring pricing creep up dramatically. In particular the discounting fee. Yesterday I saw a quote where the fee was 4.5% over bank base rate subject to a minimum of 6%. This is 5.5% above the current bank base rate.

Even when compared to the independent providers, many of whom have a higher cost of funds than Lloyds TSB Commercial Finance, this seems expensive to me.

This is fairly disappointing and feels as though the bailed out banking group is taking advantage of SME’s.

I understand they can offer between 3% and 6% so if you are looking for competitive rates be sure to negotiate with Lloyds. Alternatively approach Smart Factoring Quotes and we will source the best rates in the market for you.

25 Mar

No Minimum Fees »

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I have recently dealt with a number of small businesses who were being penalised by way of minimum service fees when turnover had not reached expected levels or turnover had dropped.

Let’s face it, factoring can be an expensive exercise anyway so why pay more than you have to. If turnover has in fact dropped or has not reach expected levels the last thing you need is to be penalised for it.

We have been introducing a facility where there is no minimum fees and there is just a 3 month contract period.

This is ideal for small businesses who want to try out invoice finance or where they are being hit with minimum service fees.

If you are a small business looking for a factoring facility then contact Smart Factoring Quotes today to see which facility and lender is best suited to your business.

23 Feb

Invoice Finance Quote »

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An Invoice Finance Quote is available from many places but at Smart Factoring Quotes we provide bespoke indicative terms for both invoice discounting and invoice factoring.

The invoice finance quote is based upon turnover, the number of debtors you have, the number of invoices you issue and our in depth knowledge of the invoice finance market.

Pricing is obviously an important aspect of any facility but it is imperative you look beyond headline rates. Take a look at our article about calculating factoring fees and also the article about comparing factoring quotes.

07 Feb

Invoice Factoring Services »

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Invoice Factoring Services are provided by numerous invoice factoring companies within the UK.  Depending on the unique requirements of your business there will be a factoring company that is best suited to meet your needs. If you would like guidance as to which factoring company can provide the factoring service the best meets your needs please contact Smart Factoring Quotes today.

Invoice factoring services can differ dramatically for each invoice factoring company. They differ in terms of the following:

  • The individual limits they will set for each of your customers. This can have a huge impact on the amount of funding generated.
  • The funding period they are happy to fund up to. Some will fund up to 120 days while some others will only finance for much shorter periods. This may or may not be an issue but it is important to realise what is on offer and how it impacts on the factoring service you receive.
  • The style of collections. Factoring companies provide a collections/credit control service. Some genuinely manage the credit control with phone calls and communicate any issues with you so they can easily be resolved. Others will simply send out automated letters and month end statements in the hope that customers will react. Some companies will even provide a confidential credit control service where they call as if they are calling from your own business rather than a factoring company.
  • Concentration limit – how much debt will the factoring company provide against any one debtor. This may impact on your funding.
  • Then there are the obvious headline rates including prepayment, service fee and discounting fee. These are obviously important but please, please, please look beyond these and understand the total fees and what funding is actually generated.

If you are unsure please take impartial advice. Call Smart Factoring Quotes – we are happy to help.

29 Jan

Selective Factoring »

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Selective factoring is where the client chooses which customers they wish to factor. This compares to traditional whole turnover agreements where clients are expected to notify their whole turnover from every customer.

Selective factoring is available within the market however very few lenders offer this.

The benefits of selective factoring are as follows:

  • selective factoring means that you can choose specific customers that are perhaps slow payers
  • selective factoring means that specific sensitive customers can be left out of the factoring agreement
  • selective factoring can reduce administration and finance costs as not all turnover has to be included in the agreement.
24 Jan

Best Invoice Discounting Rates »

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If you are looking for the best invoice discounting rates it is well worth speaking to Smart Factoring Quotes. We monitor the market for the cheapest invoice discounting rates available at any one time.

At present we have several invoice discounting companies who are actively competing on price and claiming they will not be beaten on price. It is however imperative that any business owner looks beyond the headline rates and considers total costs when comparing facilities from an invoice discounting company. It is also important to remember that the lenders offering the best rates can be among the most risk averse and as such your facility may be structured in a more cautious way.

At Smart Factoring Quotes our approach is to explain the benefits and potential downside of any facility and along side this show the total annual costs involved. This will allow any business owner to consider which facility represents the best value. To me that is the most important factor – compare the benefits the facility offers against the costs and then establish which facility represents the best value to your business.

If you want a helping hand give us a shout!!

03 Jan

Factoring Company – Manchester »

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If you are a business in Manchester looking for a factoring company you have an array of factoring companies available to you. The challenge however remain finding the right one for your business and that is dependent on a lot more than location. If you need assistance please visit the website of Smart Factoring Quotes.

There are several factoring based in Manchester and these include Skipton Business Finance, Venture Finance, Positive Cashflow, Ultimate Finance, Ashley Commercial Finance and Bibby Financial Services. There are also the major national factoring players with the capabilities to service businesses in Manchester.

So if you are looking for a Manchester Factoring Company what should you be looking for? That will depend entirely on your own businesses requirements and characteristics. Depending on your size, sector and requirements there will undoubtedly be a factoring company that is best suited to meet your factoring requirements.

Smart Factoring Quotes is fully operational in Manchester and would welcome the opportunity to assist you.

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