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Factoring FAQs

Not sure what the stages of invoice factoring involve? Have a look at how factoring works.

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What is Factoring?

Factoring is the process of selling your invoices to a third party, these third parties are called factors or debt factoring companies. The factoring companies provide up to 90% of your invoice value with the balance made available when your customer settles the invoice. The factoring company will also help you collect in outstanding payments by way of their credit management service which will be a mixture of statements, letters and telephone calls.

If a lender offers me an 80% prepayment do they keep the other 20% as their fee?

No, the lender will release the remaining 20% when your customer settles the invoices.

I have already spoken to a factoring company who said they cannot assist, can you still help me?

Yes, we can still help you. All lenders have different criteria and capabilities. The lender you spoke to may have declined your application for reasons that may include your sector was not appealing to them, you turnover was too large or too small, your debtor book had a high concentration, your business is a new start or a phoenix. We understand which lenders can assist you in certain circumstances and will provide you with quotes from lenders we believe can help.

How do you know which factoring company can help?

We only provide factoring and invoice discounting solutions. We are in constant contact with the factoring companies in the market and we monitor their criteria and capabilities.

How accurate are the factoring quotes?

The factoring quotes are based on the information that you provide so the more accurate the information is that you provide the more accurate the factoring quote you receive will be.

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