In an ever-evolving market, we are your go-to source for invoice financing
Let our experts take the pressure off
Whether you have an early stage or a rapidly growing business or you are looking to restructure or acquire another business, you will need a constant supply of cash to support your ambitions.
Invoice finance, which includes both invoice discounting and factoring finance, enables a business to unlock as much as 90% of the value of its sales invoices, paid within 24 hours of issuing them to customers. The remaining balance is paid when the customer pays the debt, minus charges, as the discount fees, service charge and admin fee's are charged to the account.
The reasons for using First Commercial Funding to source your invoice finance product:
Factoring is ideal for smaller businesses in the early stages of growth. This service frees up management time, removing the burden of running a sales ledger and credit control functions by passing this to the Lender that is most suited to you.
Confidential Invoice Discounting
Invoice discounting is for larger businesses with established credit control systems and processes. This facility has the same immediate cash flow benefit as factoring but you maintain control over your sales ledger administration. It is confidential, which means that your customers will not be aware that the Lender is acting on your behalf.
Small Business Invoice Finance Offering
This provides all the benefits of factoring and invoice discounting, but is suited to businesses with a maximum funding requirement of £100,000. With this offering, there are no set up fees and no minimum fees just a single one-off payment cost.
1. You supply goods or services to a customer and raise an invoice
2. You upload an invoice electronically onto your ledger with your lender
3. Your lender advances an agreed percentage of the invoice ( the prepayment rate )
4a. Factoring - Your lender sends customised statements and letters to the customers, chases payments on your behalf and collects and allocates customers payments' to your account
4b. Invoice Discounting - You chase and collect payment from customers, allocate against the sales ledger and bank via a trust account
5. Your lender pays the balance of the invoice to you, fewer fees