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Factoring Company

Thursday, October 29th, 2009

Factoring is simply the means of releasing cash against unpaid invoices and providing the financial freedom to grow your business. Any search of the internet will show hundreds of businesses offering factoring services. So how do you know which one to choose and which ones to avoid? Factoring is not just about providing cash and financial freedom, it is very much about adding value. Credit control is a very important part of the sevice and differnt finance companies are better at it than others.  XL Business finance is an independent finance company and has provided impartial advice to many happy clients as to which factoring company will best suit their particular needs.

Factoring can be provided by banks and independent finance companies. The banks factoring service tends to be  less personal than a independent factoring company. With a small independent factoring tends to be their core business and as such you are never more than a call away from a decision maker. Therefore an independent can sometimes provide a more hands approach particularly if there have been any trading issues along the way. It is also worth considering  factoring provides a credit control service so it is worth discussing how differnt finance companies perform in this area.  Banks tend to chase the top few customers by telephone and the rest by letter. Not such a good idea in view of  the current post strikes. Certain independent factoring companies chase all their customers by phone. The service fee may be slightly more expensive however as one customer said to us recently ” we should have gone with a smaller more flexible but slightly more expensive factoring company and had more cash in the bank to use for working capital.”

Another consideration is your geographic location as the independents tend to regionalised and such some are stronger than others in certain areas. It is also worth noting that some bank owned factoring companies have their credit control and customer account managers and payment centres in different parts of the country. It is worth discussing these issues with an experienced factoring broker!!!


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 Limited are authorised and regulated by the Financial Conduct Authority FRN 718737).

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


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