Factoring Consultant
Invoice factoring is a system that allows businesses to be paid for every invoice within a day or two of it being issued. It eliminates the need to prepare statements or to chase for payment. It frees you from having cash tied up in unpaid debts.
A factoring consultant, commonly referred to as a lender, services are supplied by banks or other financial organisations. They effectively buy your debtors from you and take on the responsibility for recovering the money themselves. This means you don’t have to worry about credit control, which frees up your time, meaning that it can be used more effectively in developing your business.
If you use a factoring service, as soon as you raise an invoice you can pass it to them for payment, and they will give you up to 90% of its value. The outstanding balance, less a small fee, is paid when the customer settles their bill.
If your business would benefit from having every invoice paid within a couple of days of issue, then factoring might be a solution for you.
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Choosing the right factoring solution
Factoring services are offered by a large number of organisations, from high street banks to specialist, niche providers. Every offering is slightly different, with varying fee structures and levels of service.
If you are unfamiliar with factoring the range of options can appear daunting. The easiest route might be to set up an arrangement with your existing bank but this may not be the cheapest or most effective option for the particular circumstances of your business.
If you’re unsure about whether invoice factoring would meet your needs, or how to select the best solution, it makes sense to talk with a factoring consultant. They are specialists in factoring and related financial products. They have extensive experience in matching the right product with the right situation.
The benefits of using a factoring consultant
Every business is unique. Each works with a different set of circumstances and has its own challenges. This means a ‘one size fits all’ approach to commercial tools such as factoring will not always work.
An independent expert can look at the specific needs of your business. They can identify the particular cash flow challenges that you face and with that information they can begin proposing solutions.
At Touch Financial we’ve been doing exactly this for years. We’ve been called in to advise a broad cross-section of organisations, helping them to achieve financial stability in difficult times.
It’s important to us that we understand the individual needs of the businesses we work with. Our objective is not to just fix a problem and walk away – we’re interested in a long-term relationship. That’s because we understand the value of partnership and mutual benefit.
If you want some more information about invoice factoring and an illustrative quotation, take a moment to complete our online quote form. It’s a quick and easy process, committing you to nothing.
We know that not everyone likes forms, so if you prefer you can speak with a factoring consultant on 0845 388 9725.
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Also in this section:
- Factoring help from Touch Financial
- Benefits of using factoring solutions
- The role of a factoring consultant
- Factoring quote
