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Factoring and Invoice Discounting are both financial services that can release the funds tied up in your unpaid invoices, involving a provider who agrees to advance money against outstanding debtor balances.
The additional benefit of Factoring is that it comes with a complete credit control and collection service, enabling you to focus your resources on other areas of your business.
In regards to Invoice Discounting, you attain the advantage of managing your own credit control and debt collection. Hence, your customers are never aware that a third party is involved or that your business might be having cashflow problems.
Factoring and Invoice Discounting are particularly suited to businesses in areas such as:
But in any business that provides services or goods to other businesses and gives customers credit terms of 30-90 days, Factoring and Invoice Discounting can solve the problems associated with slow payment.
Likewise, Factoring and Invoice Discounting are useful options for:
Whether you choose a Factoring or an Invoice Discounting facility will largely depend on the size of your business and your sales ledger management resources.
If your business is relatively small and your human resources limited, the credit control and collection service that comes with Factoring is likely to suit you better.
If your business is larger, and you have the human and information resources to efficiently manage your own sales ledger and debt collection — or if you feel strongly that you want your own company to deal with debt collection — Invoice Discounting is likely to be your preferred option.
If you are considering Factoring and Invoice Discounting, why not speak to an impartial expert at Touch Financial about how this form of finance could benefit your business?
Our free consultation service helps small and medium business owners decide on the best way forward.
We’ll take the time to understand your needs before making any recommendations. And if you wish, we can put you in touch with Factoring and Invoice Discounting providers that offer the right service for your specific requirements.
At Touch we have access to a panel of more than 20 quality lenders as well as some exclusive rates that you won’t find anywhere else. Let us do the legwork for you. Use our online quote form now to find out how much cash you could release from your unpaid customer invoices.
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"Very polite and a professional team of financial advisers who seem to know their business, work well within their industry and get a result."-Invoice Finance Introduction
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