If you sell Business to Business on credit terms and feel that support in collecting your debt would be useful, then Factoring may be an option to consider.
Once again, you may be able to obtain up to 90% of the funds tied up in your invoices (usually within 24 hours), with the balance of funds being received (fewer fees and costs) when your customer pays the invoice in full.
The Factor works on behalf of your Business- fully managing the sales ledger and collecting money owed by customers. Any fees payable will take account of providing this additional debt collection service.
Many Banks and specialist Invoice Finance companies will also have an option to protect your sales ledger against bad debts. This type of protection can also be arranged independently via specialist Insurance Brokers – please talk to us if you would like to know more.