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Factoring a new start business

Arranging factoring finance for a new start business should be relatively straight forward however not all factoring companies are the same so it is imperative that if you are starting a new business that you choose the correct type of finance company for your specific requirements. A well run factoring service will release up to 80% of your unpaid invoices and provide you with much needed working capital.  

The most important aspect of a new start business is to get a proper level of funding and that the finance company collect your debt as quickly as possible. It is important that you are never more than one or two phone calls away from a decision maker. XL Business Finance has been helping clients choose the most appropriate invoice factoring company for many years and as such we have added value to many new start businesses.

As a rule we would not recommend a bank for factoring although there are instances when we would. One bank in particular is quite good at financing  contractual debt and another is quite good at financing foreign debt. Typically an independent based factoring company provide a much better service than a bank based factoring company. Most independent s will telephone all your customers whereas a bank might only phone the top 3 customers

It is also worth finding out where your account will be run from as there is no point in dealing with a factoring company at the other end of the country when there could be an excellent finance company located within a few miles. We will take into consideration other factors when helping you choose the most appropriate finance company.

The quality of your sales ledger, the number and concentration levels will all help to make a recommendation. It will not take long to do an assessment of your business and we will give you a few funders to have a look at . This service is free!

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XL Business Finance Ltd is a privately owned and independent business financing company with established links to many of the UK's leading finance houses. XL Business Finance provides a viable alternative to high street banks that lack the flexibility and imagination to provide a solution to most business users requirements. XL Business Finance can provide a full range of business financing solutions and we ensure a high level of customer service and pride ourselves on quick decisions. Our independent status will ensure any offer of funding and asset finance leasing is best suited to our customer’s needs.

XL Business Finance, Eaton Place Business Centre, 114 Washway Road, Sale, Cheshire M33 7RF UK.

 

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