There are business finance service providers which operate a straightforward factoring and invoice discounting service where your funds can be available within 24 hours from receipt of your invoice details:
- You send details of invoices
- They credit the invoices to your account and make funds of up to 80% available
- You tell them how much of the funds you want
- They send you the money
- When the customer pays, they send you the rest, less their charges
You will be kept informed of the balance of your account and can monitor it yourself via a secure internet website. There is some paperwork involved but it is kept to a minimum.
The costs are divided into two areas – a service charge and interest on finance. Most companies find that the finance costs less than a normal overdraft arrangement. There is no set price for the service – it depends entirely on your individual requirements and the workload involved.
You have nothing to lose by finding how much or how little Factoring and Invoice Discounting service would cost your company. It will certainly improve your cash flow and a considerable amount of money in the process.
Click on the link for more information about invoice discounting.