Invoice factoring provides cash against unpaid invoices. Most finance companies will pay up to 80% of unpaid invoices and give you credit of up to 90 days. Before the credit crunch it may have been possible to obtain up to 90% of your  sales ledger however this is very uncommon in the the era of  very cautionary finance companies. When choosing an invoice factoring company it is important to take into consideration how flexible they may or may not be.

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January is one of the busiest months for businesses thinking of looking at invoice  factoring . After the Christmas break many businesses find them selves strapped for cash and as such enquiries for this form of finance sky rocket. The good news is that you don’t have to go to your clearing bank for these very flexible cash flow facilities. There are many independent based factoring and invoice discounting companies based throughout the UK who in our opinion provide a much more comprehensive funding package. Whether you are looking to raise cash against unpaid invoices or you need help with collecting your debtor book XL Business Finance will be able to help you find the most suitable funding partner.

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During the last few weeks we have seen an increase in businesses requireing asset finance solutions in the form of hire purchase and finance lease. This has got to be good news for the economy however is it any easier to obtain credit approval for investments. The answer is maybe however at XL Business Finance we take a slightly different approach in organising finance for our clients. As a result our success rate is very high at getting acceptances for our clients.

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There are literally dozens of factoring companies, some bank owned and many others are independent. A well run factoring facility can provide a cash lifeline by providing funding against unpaid invoices. The ability to unlock this cash provides the financial freedom that a business requires to develop and grow. However in these difficult times the choosing the wrong factoring company can be the difference between a business succeeding or failing. It is even more important for the small business because the wrong choice of factoring company can potentially lead to devastating consequences. So how do you select the best factoring company?

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