![]() If having read this article you think factoring is right for you, why not talk to one of the team at Bibby Financial Services? Contact Us or call them direct on 08.īibby are one of the UK’s largest independent funders and have been supporting SMEs through their factoring facilities for over 40 years.Companies use invoice factoring when there is a shortage in the cash needed to operate the business. Look for a factoring organisation that has expertise in your industry, one that understands the challenges and opportunities of keeping cash flowing so that you can invest in growing your business. Some companies will pay per invoice - others will batch up these payments and you’ll receive a lump sum.įactoring is a great option for businesses looking for a way to access monies owed fast, without adding to their debt profile. Most factoring organisations pay in two instalments: the first payment anything from 80 to 95 percent of the value of the invoice the second payment the remainder less the agreed fees. ![]() Make sure you’re clear on how you will receive your monies – some use bank transfers, others use wire transfers which can be faster. From there, they make an offer to you which you can agree to or not.Īssuming you agree to their terms, you’re ready to get started. Once you contact a factoring company, they’ll generally arrange a meeting or a phone call and ask for specific documents and information about you and the business. Do they have positive customer reviews?.How knowledgeable are their people on your industry sector?.How often do they keep in touch with you?.Will you have a dedicated point of contact?. ![]()
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