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Your guide to invoice financing
For businesses, invoice finance can be a lifeline. There’s a culture of late payment in the UK and many places around the world and it puts an enormous amount of pressure on a variety of businesses, particularly small firms and those operating in sectors where late payment is rife, such as construction. But invoice factoring can provide a solution.
What is invoice financing used for?
Invoice financing can be used for a range of purposes, but it’s most commonly used by businesses to manage their cash flow, weathering the peaks and troughs.
Research shows that businesses can typically expect to wait long past the standard 30-day invoice time for customers to actually make payment. It means that, despite completing work, businesses can be left struggling because their income is not matching up with their outgoings. Invoice finance provides firms with a way to access the money they have already invoiced for but have not yet received.
It’s a vital form of finance for many businesses. It can allow you to cover basic costs, invest in equipment or employees to accept new orders, and keep your balance in the black. It’s an invaluable tool for businesses that want to ensure their cash flow remains healthy, even when customers are paying their invoices late.
How does invoice financing work?
Invoice factoring works by businesses essentially selling their unpaid invoices. You benefit by instantly receiving the funds for the products or services that you’ve already supplied to your customers, allowing to cover business expenses.
Typically, you will receive a portion of the invoice immediately, usually around 80%, which is deposited directly into your account. The lender will often hold the remaining percentage until the invoice has been paid in full, providing the lender with some protection should your customer default. They will also retain a fee for the service from the second instalment, this may be a previously defined figure but it’s more likely to be a percentage of the full invoice amount. Establishing a trustworthy reputation and a steady rate of sales will give you access to the most competitive rates.
Why use invoice financing?
Invoice financing is a simple way to ensure that your day to day business operations are not affected by slow payments. The ease of use and relatively low fees means it’s an effective tool for many businesses. As it’s a form of asset based lending, as your forward payments are backed by the invoice, businesses will often find it easier to be approved for invoice factoring when compared to a traditional business loan.
If invoice financing could help your business, Revolution Finance Brokers can help you. We’ve built a network of reliable lenders that understand why invoice factoring is necessary and can help you make the right application for your firm.