Invoice factoring - Any brokers out there?

[SGPS]

Hi All

Im just in the process of setting up my company that sells printed and embroidered workwear. Im almost set up, i have all the machinery and tools to start trading on the 1st September however the several brokers i have dealt with have turned unreliable with their services.

I have spoke to Natwest however their RBS service is too expensive for my needs and they dont seem to offer the package suitable for my scale of business. We expect to turnover around £200k-£250k in the next 12 months, is there anybody out there can help me find the right service. Ideally id like to factor to reduce the time spent chasing debt and focus bringing the sales in, until we are on our feet. A typical order value is in the region of £150+(+vat) dealing mainly in short term with sole traders and gradually more Ltd companies as the company grows which in turn will bump up the order values.

If you would like to contact me via email Simon@uniforma.co.uk or on 07832918145. Alternatively post on here and i will respond accordingly.

Many thanks in advance

[GRDCredit]

Hi Simon

If it is factoring/invoice discounting you want then IanJ http://www.ukbusinessforums.co.uk/forums/member.php?u=3455 knows his stuff

I would be interested myself as to whether Ian can help as my impression of the factoring business is that they would not be interested in such small value invoices although it seems that you have had some interest already

However, if what you are looking to do with factoring is to reduce the amount of time you spend chasing debt then I would suggest (obviously!) that you would be better off outsourcing that side of your business. I will drop you an email to explain how I might be able to help

[KateCB]

Simon, when will your website be up and running?

We take a credit/debit 50% desposit with orders, and the balance is taken by credit/debit card on the day dispatch is agreed; if we have cash customers, they pay 50% with order and 50% when they collect.....cheaper than paying a commission to a credit factoring company?

[Adarsh Shah]

Simon

Let me know when you need it.

I have 5 years plus expereince in the industry.

I will be able to help you pronto.

Regards

Adarsh Shah
cashflowconsultancy . com
0208 904 9773

[Ian J]

Ideally id like to factor to reduce the time spent chasing debt and focus bringing the sales in, until we are on our feet. A typical order value is in the region of £150+(+vat) dealing mainly in short term with sole traders and gradually more Ltd companies as the company grows which in turn will bump up the order values.


Sorry for the late response but I've been away sunning myself :)

If you are selling one item to one customer with little or no repeat business then I don't think that full service factoring would be economic due to the high workload but if it's cash flow that you are looking at rather than the service element then there are ways round that