Factoring companies are currently being used by over 44,000 UK businesses according to statistics released by the factoring trade association. These companies between them generate combined sales well in excess of £200 billion making factoring and invoice discounting a mainstream finance product as opposed to the niche it once occupied.
There are a large number of factoring companies actively competing for business but whilst all appear to offer the same product there are differences in the ways that each factoring company operates and some of the differences are so profound that the factor that might be the most suitable for one company could actually cause financial problems for the next.
In addition to the operational differences there are also huge variations between the efficiency of the credit control and sales ledger functions between one factoring company and the next with many being so poor operationally that we refuse to introduce our clients to them.
Factoring Solutions are one of the longest established specialist factoring and invoice discounting brokers around and we know which of the few factoring companies actually delivers on their promises as sadly too many don’t.
You may wish to read the notes that we have made below on some of the pitfalls of using the wrong factoring company including why some factoring companies have poor service levels, why some companies have funding issues with their factoring company and why the true cost of factoring is often far more than you may realise when signing on the dotted line.
Our advice is completely without obligation and free of charge as we never charge any fees at all so why not telephone us on 01827 707680 for an informal chat
Factoring and Invoice Discounting Solutions
Torridge, Hockley, Tamworth Staffs B77 5QL