Factoring and invoice discounting is now considered to be mainstream finance partly due to the banks’ reluctance to lend to the SME sector on overdraft preferring instead to fund the business sector via their factoring subsidiaries where not only is the security better but the rewards are higher too.
Unlike borrowing on overdraft, factoring includes a large continuing service element with frequent judgement calls on the operation of the facility by the factoring company as well as the maintenance of a sales ledger including credit control and although on the surface all factoring and invoice discounting companies seem to offer the same product the reality is very different in operation.
Many factoring companies offer a very poor service with non existent credit control, poor ledger maintenance and a string of restrictions designed to ensure that their customers never receive the funding levels that they quite expected and it is a mystery how some of their customers manage to survive.
As one of the leading independent specialist factoring brokers around we know which factoring companies make promises that they cannot keep, which ones will crucify their customers with a raft of hidden fees and which ones employ salesmen and operations staff that clearly don’t sing from the same song sheet.
It should be straightforward but in reality it isn’t and often the factoring quotes given by the factoring company only tell half the story with the cheapest quote frequently working out more expensive in practice.
Our services are completely free of charge as we are paid a fee by whichever factoring company we introduce you to and as we only introduce people to one of the few factoring companies that do actually perform as they promise you may have much to gain by speaking to us.
For an informal chat, why not contact us without any obligation whatsoever
Torridge, Hockley, Tamworth, Staffordshire B77 5QL
Tel: 01827 707680