Invoice factoring (or invoice finance) is a safe way to deal with unpaid invoices and improve your cashflow. It is a vital lifeline for many businesses in the UK.
There are many reasons to invest in invoice finance, from quick access to funding to low and affordable fees.
We offer fantastic disclosed invoice factoring services to everyone in the UK, but what exactly are the steps needed to fully invest in these services?
Below we take you through each step you need to take before fully committing to pen and paper.
Step 1 – Evaluate Your Situation
You may feel like this kind of service is an easy ticket out of a bad situation, but it’s not. Yes, business invoice finance is a great solution for many businesses; but you need to make sure it’s the right service for you and your company.
To invest in our own services you need to have at least £5,000 of overdue invoices every month. Although we do not base the credit we give on your own credit score, we base it on your clients ability to pay.
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So if they’re awful payers, we cannot help you. But if they’re good payers with the occasional slip, then we can help. Bare this in mind before going any further.
We do have our own tools which assess your client’s financial situation, but there are also other credit check services that you can use to determine how stable their business is.
Step 2 – Do Your Research
We as a company offer bespoke finance agreements based on your specific business, so we’re not a once-size-fits-all business. There are, however, things that remain the same for every single business we deal with.
We always offer up to 85% of funding for each and every invoice. We also try our best to give you funding as soon as your invoice is raised, but on occasion this isn’t possible – in which case you may need to wait until the following day.
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We fund invoice’s from £5,000 to over £1,000,000 – so no matter how big or small your business is, we can help you with our invoice finance solutions.
Also do research invoice finance as a whole – so you have a good understanding of how it all works. We created an article looking into how short-term finance can make your business more profitable that you should take a look at.
Step 3 – Get In Touch With Us
If you’ve managed to reach this step then you almost certainly want and need the help of our short-term factoring loans. If this is the case, then you need to get in touch with us.
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There are several ways in which you can contact us, below are just a few:
- Telephone: 0845 468 6423
- Email: firstname.lastname@example.org
- Contact form: https://ccc-finance.com/contactus/
- Twitter: https://twitter.com/CCC_Finance
We aim to get back to you as soon as possible – those who do contact us will receive an offer within 24 hours of submitting the enquiry.
Step 4 – Have A Long Hard Think
It might be very tempting to simply jump on the idea of getting those invoices paid, but you do need to go away and have a think about our offer before accepting it.
If you have any other business partners, you also need to have a talk with them to make sure you’re all on the same page before investing. You all need to have the key facts and information before making a final decision.
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Invoice finance is a great alternative for struggling businesses, but you still need to be 100% sure it’s what you want before signing an agreement.
If after a think you decide that you would still very much like to use our invoice finance services, then the next step is to get back in touch to accept our offer.
Step 5 – Let Us Take Over The Hard Work For You
Now the offer has been accepted, there’s just a few things we need to sort with you (such as paperwork etc) before we can take over everything for you.
Depending on the agreement, we will be giving you 85% of every invoice as soon as you raise them. We will then take over debt recovery with your selected clients, so that you can carry on with running your business.
When your client pays, they pay the full amount straight to us – so we take 15% of the invoice amount as an overall fee. There are other small additional fees when payments are not made, but these can be negotiated with you.
And there you have it, you’ve become a fully fledged client and are well on your way to boosting your cash flow and improving your overall business finances!
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