Skipton Business Finance has funded another owner-managed business in South Yorkshire with a new invoice finance facility:
- Steel Fabricator
- £200k confidential CHOCS facility
- Replace existing overdraft / increase cashflow
One of Skipton Business Finance’s core values is to deliver flexible invoice finance solutions which grow in line with the business of the client.
This is why we were able to specifically tailor this invoice finance facility to the company’s requirements, which were to clear an existing overdraft and provide money upfront for invoices to help get cashflow moving in the right direction.
Welcome aboard to our newest client!
What is CHOCS?
CHOCS, or “Client Handles Own Collections Service”, is a type of invoice factoring facility which allows a client to handle their own debt-chasing work, meaning their credit control team function are able to act as normal to chase payments.
This type of facility suits companies who are established and have a well-oiled credit control team.
Factoring can be complex, specialised and riddled with industry-specific terms.
That is why we’ve compiled an in-depth Factoring glossary to help untangle the jargon that is rife in the invoice finance industry, take a look at it here.