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Factoring - Business Finance

 

Factoring - Business Finance

 

About Factoring

Traditional funding like bank overdrafts and loans, are usually too inflexible to cope with the cash flow demands of a growing business. As a new venture you are likely to experience your steepest growth curve at the beginning. The need to renegotiate as limits are quickly exceeded can tie up time, and often attract unwanted fees. This can be avoided by using factoring. Available funds grow in line with your sales, and you don’t usually need to use personal assets as a security.

Business management can be very difficult, managing staff, deliveries, negotiating with new and existing customers and all of this takes up management time. This precious time can be increased through the provision of professional credit management, also provided as part of a factoring facility.

How Does Factoring Work?
A factoring company will release as much as 90% of the value of your unpaid sales invoices (usually less a small service fee) within 24 hours or so of your raising them. They pay you the remainder once they receive payment from your customer. All you have to do is issue your invoice and send a copy to them. Having agreed a collection procedure with you in advance, they then send statements and reminder notices.

The factoring company normally work closely with you to balance your need for prompt payment with good and lasting relationships with your customers. You normally remain in control of your customer relationships.

 

List of Business Banking and Factoring Providers

 

OCIS provide general financial information, we urge you to consult an Independent Financial Adviser ( IFA )
before making any important decisions about your finances.

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