The are about 85 individual Factoring Companies operating in the UK all of which have their own individual underwriting criteria as to which companies and business they like to work with and fund.
As a business owner looking for a suitable factoring company you should also have in mind what you are looking for from an Invoice Factoring Company. Your starting point must be to think of a factoring company as a funding partner to your business activities and as with any partnership in business this is fundamentally a relationship.
Points to Consider when Choosing a Factoring Company
- What credit limits do you need for your existing customers?
- Do you need Credit Insurance or Bad Debt Protection on your customers?
- What are your Cash Flow requirements within your trading cycle?
- Do you still want to maintain the customer contact from a credit collection point of view?
- What percentage do you need funded against accounts receivables or Debtors?
- Forecasts, Is your business growing rapidly, will your funds in use limits be sufficient?
- What are your business gaols and has the factoring company understood them?
These are just some of the points you should be considering when considering an invoice factoring company. At Enable Finance we have a rigorous eye for detail to ensure your business goals are aligned to the correct funding partner for you.
How having the right Factoring Broker Saves you Time and Money
A professional factoring broker such as we at Enable Finance can save you time and money and as a business owner you will know the value of your time. Enable Finance takes time to understand your business and what your specific goals are. Whilst not everyone, in fact most new clients of ours do not know what they need from a factoring company our experience and understanding of the market place makes your life easier and hassle free.