Too often businesses have utilized good times by buying new stock, machinery, or put on more staff. Not many businesses have placed in measures for the rainy day. For the last 3 months most businesses have been placing off staff, limiting expenses, and basically battling to make sure they make repayments and orders on time.
Once a business becomes stressed they look to alternative funding arrangements. Overdrafts, refinances, Line of Credit, and getting stung huge penalty fees in order to survive. Banks have always spoke of their products before offering Factoring or Invoice Discounting. As it is simple to understand, they get access to more of a businesses assets and more importantly director assets.
Factoring & Invoice Discounting may cost a little more, but as a business owner it is rare for you to give up a property asset. These facilities are secured against your debtors. This is where the common name Debtor Finance is used. Instead of waiting 30, 60, 90 days to be paid you can have access to cash from invoices in 48 hours. Once the debtor’s pay into the financiers account, the lender takes out your drawings less fees and the balance of your invoice is paid into your bank account the next day after receipting. It is a very simple process.
Trade Debtor Finance Consultants takes the guess work out of which facility is best for you.