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James Furniss, Commercial
Invoice Finance is a flexible form of commercial finance that is used to release funds to a business with outstanding invoices used as security. It helps a business with the pressures of cash flow.
Rather than waiting days or weeks for your invoices to be paid by customers, lenders can advance you most of the value immediately.
This means you get paid faster for completed work, so you can focus on running your business.
If your business regularly invoices for work, you could be eligible for invoice finance. As one of the best ways to ease cash flow problems and get paid faster for completed work, invoice financing is a great way to ensure your business continues to have cash flow and can carry on growing without being held back by your finances.
At Principle Finance we work closely with our clients and lenders to find the best solution. Get in touch with our team today.
James Furniss Commercial
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Frequently Asked Questions
Here are a few of the commonly asked questions we get.
But if you need something answering you don’t see, contact us.
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Invoice Finance is a commercial finance product which is used to release funds to a business, with outstanding invoices used as security.
This highly flexible form of borrowing can be used to free up funds from your debtor book, relieving the pressure placed on your cash flow. Many businesses are turning to this option to take back control of their finances, allowing them the breathing space needed to move forward.
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Invoice finance providers lend you a percentage of the invoices you issue as soon as they’re issued, avoiding the need to wait for the payment terms agreed with your customer.
When the invoice is settled, the amount released by the lender is repaid, in addition to any interest and charges, with the borrower receiving the balance.
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Invoice funding solutions are used by businesses who want to improve their cashflow, without having to wait up to 120 days for customers to make payment.
This isn’t the only reason however, some types of invoice finance pass on the credit-control process to their invoice finance provider. This takes away the strain of having to chase invoices and risk damaging the customer relationship.
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Invoice factoring passes credit control services to your new lender and as such is the type of invoice finance that is the most visible to your customers and staff. On top of funding invoices as they’re raised, the lender will ensure customers pay on time and will chase when they don’t. As factoring involves passing credit control to your lender, it can be great for smaller, or newer companies. The main benefit (outside of helping cashflow) is that it can save a lot of time that would otherwise be lost chasing invoices.
Invoice discounting works in much the same way as factoring, other than the fact that the borrowing company remains responsible for their own credit control. The main advantage to this is that customers are less likely to become aware that you’re using invoice finance. Although this may be a benefit, it does mean that you’ll still have to take time out to ensure that invoices are paid on time and in full.
Selective invoice finance, also known as spot factoring, or single invoice finance allows businesses to raise funds against, one, or several invoices. Once the facility is set up, you’re usually able to return to the lender again and fund other invoices very quickly. These facilities are a great option for businesses who need to raise cash quickly, but usually have no need to raise cash against invoices.
The Financial Conduct Authority does not regulate commercial lending.