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Invoice factoring is a great way way for small and medium sized businesses who are saddled with bad debt to improve their cash flow. Factoring involves companies selling debts that have yet to be collected to a third party at a price that is lower than the actual value if the invoice (the process is also known as invoice discounting). This allows the company to reclaim the majority of the invoice, without having to waste time chasing up debts, while the factoring company (the third party) can claim the full invoice amount and hence make a profit.

Factoring services are useful for getting your cash flowing and saving you time. For example, if you are owed a debt of £10,000, a factoring company can give you £9,500 for the invoice immediately, allowing you to get on with running your business. The factoring company will then catch up with the debtors further down the line and reclaim and keep the full amount. The 2 types of factoring agreement are recourse and non-recourse factoring. With recourse factoring, the cfactoring company can come and recliam the debt from your company if the debtor does not pay up. With non-recourse factoring they take on the risk of the debt. Recourse factoring is, understandably, a good deal cheaper than a non-recourse agreement.

If you feel your company could benefit from factoring services, Approved Index can help you find the right company to take on your bad debts and free up your business. Just fill in our simple enquiry form to receive free, no obligation quotes from up to 4 leading invoice factoring companies in the UK.

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