| When you make contact, a representative
from the factor will call you to discuss how a facility could best
be structured for you and your business. They will assist in completing
the application form and in turn issue a formal offer. Once a business
has accepted a facility, up to 90% of the existing as well as future
unpaid sales invoices will be made available. The initial cash injection
can be invaluable to help investment in new plant and machinery,
also in management buy out scenarios, or simply to give a business
headroom to grow after paying off traditional financing arrangements.
In order to gain access to cash you simply send copies of your
invoices either electronically or by post to the factoring firm.
Money can be sent direct to your bank account when available, or
can be set up ‘on request’ where you choose how much
you want, when you want it. This can also be carried out at the
touch of a button.
At the outset you can choose how the relationship will work with
your customers. It is possible to retain the majority of contact
with them, or it may suit you to outsource some or most of the credit
management function to the factoring firm. This will be discussed
with you up front.
From the initial meeting to the first payment can take as little
as one week!
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