Factoring
Factoring is best suited to recruitment businesses with payroll and billing systems already in place (otherwise, see Payroll Finance for details of our full back office service) and recruiters making permanent placements. It is principally a financing solution that provides funds that grow in line with your sales. It is often combined with a Debtor Protection service.
Using our factoring service you will receive advances of funds against outstanding sales invoices. You inform us via our internet portal that you have issued your invoices and up to 95% of their face value can be paid out within 24 hours. The balance is made available when your clients settle their outstanding debts.
Our factoring service can also provide credit management, releasing valuable time for your business. After agreeing procedures with you, statements and reminder notices will be sent to your clients reminding them of outstanding debts. You will remain in control of your client relationships at all times.
Traditional funding (such as bank overdrafts and loans) is often too inflexible to cope with the needs of young and growing businesses. The need to renegotiate whenever facility limits are exceeded can be cumbersome, absorbs time, and often attracts additional costs and fees. In contrast, our factoring facility grows in line with your sales and you don't usually need to use personal assets as security.
