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0800 227 400

Frequently Asked Questions

Is Invoice Finance suitable for all businesses?

We fund all kinds of businesses with an annual turnover in excess of $1.0m per annum, although we often help smaller businesses as well.

  • For our facilities to work you must be in the business to business sector.
  • Your company must raise invoices (not deal in cash).
  • Have a strong proof of debt, such as despatch notes for goods delivered or timesheets that back up service delivery.
  • Depending on your turnover some products may not be available.
  • We’re happy to discuss your requirements and tailor a solution for you.
I have an overdraft for my working capital requirements. Why should I consider Invoice Finance?

When you look at the costs our facilities compare favourably with an overdraft. Overdrafts are often inflexible and are based on your historical performance, whereas our facility is more flexible and automatically increases as you grow and keeps pace with your current working capital requirement.

Isn’t this type of finance usually expensive?

The services we provide represent good value if they meet your needs.  This is why we tailor your facility to your business requirements.  If we believe that your business will not benefit from our services we will tell you so. We charge a monthly service fee, this fee is usually a fixed monthly fee, and pays for the administration of your account. Interest is charged on the daily outstanding balance, the same as a bank overdraft.

Why don’t you provide a quote online?

Quite simply, because we don’t want to give you an inaccurate or misleading figure. We need to understand the nature of your business, your customer base and precisely what you would like to achieve. This is better accomplished with a face-to-face discussion so that we can provide a tailored solution.

How quickly can we receive the funds?

As our system is completely electronic we are able to fund invoices raised by you and received by us within the same working day, subject to your facility parameters.

I export as well. Can you help me with that?

Yes. We fund export invoices on the same basis as domestic invoices.  In addition these invoices are covered by our debtor insurance policy up to 90% of their face value.  Also, we have correspondents all around the globe who can assist with advice in their local market.

How long do I have to sign up for?

No fixed term is required, however we ask you to give us three months notice should you wish to repay your facility.

How will my bank react to your facility?

We have a very good relationship with all the trading banks. We work with the banks and will liaise with your bank to ensure the transition is smooth and pain free.

I have a debtor finance facility with another company, is it easy to switch?

We have switched many clients who have alternative providers. We will liaise with your existing provider to ensure the change is simple and pain free.

Should I get credit protection insurance?

Our facility provides up to 90% cover, subject to a first loss, on eligible debts in the event of your customers insolvency or inability to pay for 120 days past invoice due date. You can easily request, set up and review customer credit limits via the internet and these are normally assessed within the same day.

What is the benefit of Electronic Data Interchange?

Electronic Data Interchange (EDI) is a way to notify us electronically of your invoices and credit notes quickly and securely. Our system is completely electronic and we use proprietary software to enable seamless transfers from your accounting system to ours

What happens if a customer does not pay?

All of our agreements have recourse for unpaid invoices back to you. If a debtor doesn’t pay within the recourse period, usually 90 days, then we automatically adjust your funding availability by that amount. As you do all the credit control on your sales ledger it is up to you to ensure that you keep control of your slow paying customers.

Do you require guarantees?

Yes, although unlike a bank we do not require you to support your guarantee with a mortgage over your home.