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Invoice Finance

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!!

10 Jan

Factoring Companies Yorkshire »

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If you are looking for Factoring Companies in Yorkshire you have a fair few to choose from. It is however imperative that you choose the right one for your business and it’s own individual circumstances and requirements. If you are unsure as to which factoring company to use in Yorkshire it is worth contacting Smart factoring Quotes in the first instance. Smart factoring Quotes can help you to understand which factoring company can best meet your needs in Yorkshire.

Please keep in mind that while a few factoring companies are actually based in Yorkshire there is a full spectrum of factoring companies that can service a business based in Yorkshire. There are the 4 major banking groups along with new players such as Santander. From there you have independents such as Skipton Business Finance who are firmly based in Yorkshire and then other independents with Yorkshire offices such as Bibby Financial Services, SME Invoice Finance and Aldermore Invoice Finance.

However, factoring companies from across the UK can service Yorkshire based businesses and as such it is important to choose a factoring company based on it’s capabilities and criteria rather than it’s geographic location.

07 Jan

Factor 21 »

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Factor 21 are a small family owned independent invoice factoring company based in Oxfordshire. They are small and hands on in their approach and Graham Ethelston keeps things simple and focusses on good quality service for their factoring product.

I have several clients that use Factor 21 and they only have good things to say about them. They communicate well with clients and are flexible and open in terms of their approach.

My only criticism of Factor 21 would be that they are not always as responsive as what I might hope in terms of their sales process. They are however a small operation and I suspect they are to some extent victims of their own popularity when it comes to response times.

Factor 21 are not for everyone but for some businesses they are the ideal finance partner.

If you are looking for a factoring company and are considering Factor 21 it is worth contacting Smart Factoring Quotes in the fist instance to see which invoice finance company is best placed to meet your needs.

06 Jan

Close Brothers Invoice Finance Reviews and Complaints »

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Would you like to review or provide feedback on your experience of Close Brothers Invoice Finance? Reviews are at the bottom of this page and links to some interesting articles and blogs below.

It is probably fair to say that if you are looking for a provider of invoice finance there are better options out there in terms of pricing, structure of facilities and customer service levels. In terms of reputation there are also better options in our opinion. The reviews however will speak for themselves so please take a look at them and feel free to contribute your own experiences.

Close Brothers Invoice Finance are part of Close Brothers Group Plc and provide invoice finance solutions to over 1,000 clients. They are a national player with full UK coverage. They also offer invoice finance facilities in Ireland and Northern Ireland.

They are one of the larger independent invoice finance companies with offices in Brighton, Manchester, Dublin and Belfast.

In our opinion, more common complaints about Close Brothers Invoice Finance include their lack of flexibility, charges such as minimum base rates, their arrogant approach and some people have described them as ‘unapproachable’.

Complaints below highlight their attitude, the poor quality of their system and the high fees some clients are charged for funding which is often restricted.

Read more:

An independent blog post about Close Brothers putting a business into administration – click here

Article on Close Brothers Invoice Finance pricing – click here

Article regarding a restrictive facility structure – click here

Trustpilot makes for some interesting reading – click here

It also appears there is a blog dedicated to Close Brothers – click here

Close Brothers also feature in an article on complaints about wealth management companies where it states, “Close Brothers also features on the list with 169 complaints, but its complaints are related mostly to banking and credit with none related to investments.” While this is not linked directly to the invoice finance arm of Close Brothers we find it interesting as it gives a feel for the overall organisation and what they might feel is acceptable. For the article – click here

An extract from one Trustpilot review reads, “AVOID AVOID AVOID….

When making a complaint no manager or person of authority bothered to speak to me directly then they say they are just closing my complaint down, when I said I’m not satisfied with the outcome, you don’t expect a large company such as this to just ignore customers, in my opinion this company is slimy and deceptive and lack the ability to treat customers fairly.

I’ll wait for the standard message they send saying they are sorry I feel this way, if they were sorry they would of dealt with my issue when they had the chance.
AVOID AVOID AVOID”

 

If you would like to share your experiences of Close Brothers Invoice Finance please feel free to do so but please try to be objective and refrain from abusive remarks.

05 Jan

Invoice Finance Quote »

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Invoice Finance Quotes are rarely easy to decipher when looking at two side by side. The reason is that invoice finance quotes from different companies rarely use the same terminology. Invoice Finance companies also rarely disclose all the costs so it is difficult to do direct comparisons.

If you are looking for an invoice finance quote the team at Invoice-Finance.com would welcome the opportunity to be of assistance. You can use our simple online invoice finance quote system to establish an indicative quote. We will also analyse your requirements and use our market knowledge to introduce you to the invoice finance lenders best place to meet your needs.

It is important to remember that each invoice finance company has different criteria and capabilities. These can change and it is our job to stay in touch with the market and understand these. This can save you both time and money when looking for an invoice finance facility.

In terms of costs it is worth knowing that at certain times companies will choose to grow their book aggressively and will agree not to be beaten on price. These opportunities to achieve fine rates come and go and the invoice finance companies with the special offers will differ.

The team at invoice-finance.com will source you the most suitable facility, from the best suited provider at the best possible rates. What is more is that our service is absolutely free.

04 Jan

VAT Increase »

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Well the new year has only just started and already we have seen a VAT increase. While we have all been aware of this for some time I wonder how many businesses are ready for this?

There are implications for businesses both in terms of administration and also in terms of cashflow.  Businesses across the UK will be looking at adjusting invoices to reflect the VAT increase and in the retail sector the VAT inclusive prices need changing on everything.

There is however a cashflow issue that is caused by the increase. Businesses will typically be collecting in invoices with a VAT rate of 17.5% but will be paying out on invoices at a VAT rate of 20% if their credit management is not up to scratch.

If cashflow is expected to be an issue in 2011 for whatever reason it is worth being proactive about it. Establishing relationships with suitable funders such as invoice factoring companies is worth doing well in advance of cash flow becoming a major issue. It allows you time to source the right facility but also gives lenders comfort that you know what is going on in your business.

Businesses should also ensure that any cash flow forecasts are updated accordingly to avoid any unexpected surprises.

13 Dec

Invoice-Finance.com – Now up and running »

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We have previously posted that Invoice-Finance.com was being worked on. The site is now up and running and is aimed at businesses looking for an invoice finance facility.

The site is a free online resource that offers invoice finance advice from dedicated invoice finance brokers. Free indicative quotes are available to businesses and advice is available online, over the phone and indeed face to face. Our aim is to offer free advice to businesses looking to set up an invoice finance facility at a level that they are comfortable with. Some business owners simply want to look online and obtain advice, others will want the comfort of speaking with an invoice finance expert while others will want to meet someone and obtain face to face advice. We look to offer all these services.

Our approach is simply to highlight what invoice finance options are open to a business and explain the pros and cons of each. From there a business owner can decide which invoice finance solution best meets their needs.

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