Invoice Factoring from Skipton Business Finance
Imagine the benefits to your business if all your customers paid you within 24 hours. With Invoice Factoring from Skipton Business Finance, you can get your well-earned money straight away.
Why should you wait up to 90 days for your customers to pay your invoices when you can get quick access to the funds you've already earned. All you need is a simple Invoice Factoring solution from Skipton Business Finance.
Definition of Invoice Factoring?
Invoice Factoring (also known simply as Factoring) is a flexible Invoice Finance solution that advances working capital to a business as it issues new invoices. Cashflow is the lifeblood of any business and Invoice Factoring simply allows you access to your cash the moment you raise an invoice.
According to Wikipedia, Invoice Factoring is: a financial transaction and a type of debtor finance in which a business sells its accounts receivable (i.e., invoices) to a third party (called a factor) at a discount.
It is the umbrella term for many forms of Invoice Factoring, such as Disclosed Invoice Factoring, Confidential Invoice Factoring, Recourse Invoice Factoring and CHOCS.
It is the most common form of Invoice Finance in the UK and the number one alternative to bank overdrafts and bank loans.
How does it work?
Instead of waiting for all your customers to pay you, by using Invoice Factoring, you are able to receive funds up to the value of 90% of your unpaid sales invoices.
Our experienced and professional credit control team will then take the responsibility for securing the payments from your valuable customers.
Don't want your customers to know that you deal with an Invoice Factoring company? Don't worry! With our flagship My White Label solution, our friendly credit control team can do all the collections in your company's name and using your company's logo.
What are the benefits of using an Invoice Factoring solution?
The benefits of using an Invoice Factoring solution with Skipton Business Finance are:
- Increased cashflow and access to working capital which leads to an array of financial benefits for your business
- A more consistent cashflow cycle can help businesses meet their weekly payroll obligations, paying for raw materials, upfront fuel costs, paying creditors, HP commitments etc
- Invoice Factoring can be much more flexible than a bank loan or bank overdraft - the facility limit will generally increase as your sales increase
- Every Invoice Factoring client of our has direct access to a Relationship Manager
- Skipton Business Finance is a Skipton Building Society Group company - it's in our ethos to care for our clients
- Our costs are completely transparent
- Free credit reports on your clients
- We promise to look at every single applicant in detail
A little bit more about the benefits
Access to working capital can mean that you can effectively balance supplier payments, manpower costs and costs of overheads without worrying when your clients will pay.
Flexibility is also another benefit and the fact that all of our Invoice Factoring solutions are custom-built around how your business operates and, more importantly, tailored to how your business then grows. This is exactly what we mean when we say that Invoice Factoring can prove to be much more flexible than a traditional bank overdraft or loan as essentially your finance facility grows when your business grows and you generate more invoices.
When you become a client of ours you'll be pleased to know that we boast an extremely low client-to-staff ratio meaning that you will have a direct relationship with our experienced Relationship Manager. No automated telephone systems and no annoying voice recognition systems asking you what you want in order to put you through to the right person.
You'll have the landline and mobile number of your dedicated (and may we say, very friendly and super-smart) Relationship Manager as well as direct contact details of an Account Executive and the entire Operation's Support Team.
Imagine phoning up your Invoice Factoring provider and they already know who's calling! When we say that we offer a personal service, we really mean it.
Does your business fit our criteria for lending?
Whether you're a micro or small business, a medium or large business, Invoice Factoring is available to UK businesses who deal with other UK businesses (B2B).
Our friendly and experienced team adopt a commercial approach to underwriting, putting your people and business at the forefront of our decision-making process.
We never use a system-style scorecard and make each decision based on the individual merits of each and every business.
Contact us today
If you need an Invoice Factoring solution and access working capital from as little as £25,000 up to £5m, then look no further than the industry's premier lender.
Backed by Skipton Building Society, the UK's 4th largest building society which has over 800,000 members and 100 branches, it really does mean that we look at the individual merits of a business as part of our underwriting criteria, not just their credit score.
If you would like a no-obligation FREE quote, please get in touch by ringing us on 0800 0854150 (call 0330 1232437 if ringing from a mobile).
You can also email us at firstname.lastname@example.org.
Or why not utilise the handy form on the right and we'll call you back!
Want a specific Invoice Factoring solution?
At Skipton Business Finance, we offer the following Invoice Factoring solutions:
For more information about Invoice Factoring, please download and print off our PDF.
Alternatively, we also offer a range of Invoice Discounting solutions.