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Types of Factoring

Disclosed Factoring

Disclosed factoring is the most common type of factoring and is offered by all the invoice finance companies in the UK. There is a disclosure notice on the invoices that states that the invoice is assigned to the factoring company.

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Confidential Factoring

Confidential factoring offers the benefits of factoring in that it releases cash against your invoices and the factoring company will collect debts on your behalf. However, your customers will not be aware of any involvement from factoring company. This means that when the factoring company call up your customers they use your company name. As such the facility is a confidential factoring facility.

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Recourse Factoring

Recourse factoring refers to the fact that you as the client take the risk of your customers non-payment. The factoring company will fund the invoice for a certain period of time, for example 60 days past due date. However, when the invoice remains unpaid after this period it will be re-assigned to you as the client and funding for that invoice will be withdrawn.

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Non-Recourse Factoring

Non-recourse factoring means that invoices within agreed credit limits for agreed customers will be funded without recourse to you as a client. Some larger lenders will have their own credit protection policies whereas independent factoring companies will typically use a third party insurer. It is important to know under what circumstances the policy will pay. Not all lenders offer non recourse facilities but as an alternative a separate credit insurance facility can be sourced.

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CHOC’s Facility

A CHOCS facility is a disclosed factoring facility but you as the client takes control of the credit management function. It is often considered a hybrid between factoring and invoice discounting. CHOC's stands for Client Handles Own Collections. Not all lenders can offer such a facility.

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Single Debtor Factoring

If your business only has one customer this will be deemed by factoring companies as have a 100% concentration. It is important to find a factoring company that will not impose a concentration limit on your factoring facility.

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