A quick search of the internet will reveal thousand of results for any invoice finance or factoring product. To work out which finance companies you should be contacting it may worth explaining the difference between the different results that you will find on the internet.
First of all there are bank operated invoice finance companies probably high street names that we all recognise. Secondly there are the independent lenders that do exactly the same as bank owned factoring companies however they are non bank owned and get their funds from other sources. Thirdly there are independent finance brokers like XL Business Finance that are not lenders but provide advise as to which will be the best invoice finance company for a particular business.
In our opinion we believe you will get the best advise from an independent factoring broker. They make their living making sure that they introduce the most appropriate funder to the customer. A number of sensible questions concerning the turnover, profitability , length of time trading quality and quantity of the debtor book will determine the most appropriate two or three funders. Not all finance companies are good at funding the same businesses. They all have their sweet spot and with over ten years experience in advising clients XL Business fiannce can find the most appropriate funder for your particular needs and requirements.
A good example we have dealt with recently was a business trading with a turnover in excess of £100m. The business was funded by a well known high street bank but the amount of the facility required was above the level this bank was comfortable with. The client had a number of meetings with other high street banks that again could not get comfortable with the required facility. We were able to recommend a couple of lessor known finance companies with the expertise and financial clout to take on such a business. To date the customer is absolutely delighted.
Tags: Factoring, invoice finance
