Experiences with Invoice Factoring - Looking to Make It Instant

[Ash R]

HI all,

I'm currently looking at ways to automate the invoice verification process to provide instant factoring/discounting. Really interested in hearing about your experiences with traditional factoring:

What sort of:

• Time does verification usually take?
• Documentation do you need to provide?
• Issues have you faced with the process?
• Fees and rates are you paying?

@Ian J - would particularly value your insights as someone who knows this industry well.

Looking to understand what works/doesn't work for real businesses using factoring today.

 

[Ian J]

Not all invoices are verified as much depends on how long your company has been established, turnover and invoice values etc.

Often the factor will insist on copy delivery notes but not always and the fees are variable as a new start expecting to turn over £200,00pa will pay a much higher commission rate than an established company turning over several million.

If you want to chat I will be around most of the day on 01827 707680

 

[Ash R]

Not all invoices are verified as much depends on how long your company has been established, turnover and invoice values etc.

Often the factor will insist on copy delivery notes but not always and the fees are variable as a new start expecting to turn over £200,00pa will pay a much higher commission rate than an established company turning over several million.

If you want to chat I will be around most of the day on 01827 707680

Thanks for the info, and sorry for missing this message yesterday.

Please could you let me know if you are free any time this weekend or next week for a quick chat?

 

[Ian J]

Please could you let me know if you are free any time this weekend or next week for a quick chat?

I'm around for most of the weekend wrapping presents etc but happy to take a call from you on 01827 707680