Invoice factoring
services are used by 18,000 businesses in the UK, typically having an
annual turnover of between £250,000 and £5,000,000. Advantages
of factoring are are you can raise sometimes large sums of money very
quickly for your business at very short notice; the fact that you do
not need to offer other assets as security makes invoice factoring
services much more attractive than a bank loan or overdraft in
many instances.
Invoice factoring services bring about an enhancement
in cash flow that is not seen with either a loan or an increased overdraft.
Further, the burden of collecting the invoiced money when it becomes
due becomes the responsibility of the factoring company, not you. So
there is a credit control aspect as well.
As your business grows so your sales ledger will grow,
and therefore your credit facility also grows, giving you increased
potential for growth and expansion not normally possible without the
use of invoice factoring services.
Let's face it, everybody would rather be paid on delivery
rather than after 30, 45, or even 90 days!