At Ingenious Finance we aim to simplify what can be a complicated process of finding invoice finance. We analyse your business requirements and choosing the best option to suit your requirements, and in many cases the terms for which may be better than your current solution.
The types of financing that we consider are: Invoice Factoring, Invoice Discounting and Spot Factoring.
If you need an invoice finance company in place quickly we have access to invoice finance lenders who can put in place a facility in a matter of days.
The different types of invoice finance our lenders provide are similar, but there are some differences. We’ve explained these here but you can also contact our experts to discuss your requirements further.
Invoice Factoring
With invoice factoring, the provider funds invoices up to an agreed percentage. The funding provider takes controls the ledger and chases any debts on your behalf, freeing up your team to work on the stuff that matters and growing your business. All payments to your company go through the provider via a trust account, however this is in the company name and your end customer knows no different. In many cases you then don’t have to worry about overdue bills and chasing debts as this is handled for you.
Invoice Discounting
Invoice discounting is similar to factoring, however you keep control of the ledger and chase any debts yourself. The funding provider funds any invoices raised by you, up to an agreed percentage, but usually a higher level of funding is given than invoice factoring as less work is involved for the provider.
Spot Factoring
With spot factoring, you decide which invoices to factor, and the provider funds the invoices on a case by case basis – whether it’s 1 invoice, or many. You are not tied into a contract, except for ensuring that your end customer pays. In most instances, you keep hold of the ledger and chase any unpaid invoices assigned to the invoice finance company.
Benefits of invoice financing
Improve cash flow
Immediately release cash tied up in invoices, where you may have been waiting up to 90 days for a customer to pay.
Accelerate growth
In most cases, with improved cash flow your business will be able to invest in other areas such as new staff, company investments, and more, allowing you to grow quicker than before.
Extending better terms
You may now be able to offer better terms to your clients, as invoice financing will provider a percentage of each invoice immediately available to you once it’s been raised, with the rest provided upon payment by the customer.
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