Researching factoring companies
A good place to start when looking for factoring companies or invoice discounting companies is the Factors and Discounters Association which has lists of factoring companies in the UK and lots of helpful information.
However a much quicker method for finding the right factoring companies is to use a free quotes service such as the one offered by Companeo. This involves completing a simple form about your company and the services you require.
They then match your needs to factoring companies in their database. The factoring companies then contact you directly giving you free quotes. This can save companies a lot of time and means you can easily find the right factoring company for you.
Free quotes from top factoring companies.
Choosing the right factoring and invoice discounting company.
There are a number of key questions you should ask your prospective factoring companies in the UK:
- Will the factoring company need to pre-approve your new customers before accepting the factoring responsibility?
- Does the factoring company set credit limits and what are these limits?
- How quick are the factoring companies processes such as the speed at which invoices are paid out?
- How much does the service cost? How is the service charged? You may be able to negotiate these charges.
- How do factoring companies chase outstanding debts? Is this done in such a way as to not annoy your customers?
- What is their reporting regime? How frequently will they report to you and how?
- How quickly will factoring companies collect the debts. Is this quicker than collecting them yourself?
- What kind of flexibility does a factoring or invoice finance company in the UK offers if things do not go according to plan and you go over your credit limit, for example?
Free quotes from selected invoice factoring suppliers.
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