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Factoring Benefits

Factoring is growing more popular as a way of financing businesses year on year. If you are considering a factoring facility you may wish to know how it can benefit your business. The benefits of invoice factoring include the following:

  • Invoice factoring allows you to plan and removes a lot of the uncertainty involved in cash flow planning. Because up to 90% of the invoice value is available the day after you raise the invoice you know what cash will be available.
  • The facility is flexible and offer a working capital facility that will grow in line with your sales. This is in contrast to an overdraft that you would have to renegotiate with your bank and often has to rely on personal security rather than your businesses performance.
  • By using a factoring facility you are able to outsource your credit control function. This can free up valuable time that you can use to focus on growing your business.
  • By using a non-recourse facility you can eliminate the risk of bad debts. It is important to understand that bad debts impact on both cash flow and your profits.

It is important to remember that all providers are different. They differ in terms of their criteria and capabilities.

There are also different types of factoring facilities that you may want to consider depending upon your own unique requirements. If you fully understand what it is that you are looking for then it is easier to find the right lender. If you approach a lender without fully understanding what you want and what is available in the market then you will end up changing your requirements to fit what the lender can offer you. As it is your business that is paying for the service you should be looking to the lender that is best placed to meet your own bespoke requirements.

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