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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.

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