Raise funds against customer invoices, on a confidential basis
It allows you to raise funds against your unpaid customer invoices. The Invoice Discounting provider would advance you an agreed percentage of the total invoice value.
The key difference between this and Invoice Factoring is that there is no credit control. This means you will continue to chase your own invoice payments in.
This product, ‘Confidential Invoice Discounting’, allows you to continue to deal with customers yourself as normal. This means your customers will not know you are using an invoice finance facility.
As with all Invoice Finance products, Invoice Discounting bridges the gap between completing works and getting paid. It is suitable for businesses with a strong credit control process and a suitable accounts package. It allows you to simply free up cash to grow and attract new customers.
As Invoice Discounting is a funding-only facility, it operates differently to invoice factoring. You will still receive two payments from the lender. The first payment will be the initial bulk payment against the total invoice value, which is known as the pre-payment percentage. The second payment is the remainder of the invoice, minus the agreed upon fee. This is known as the residual balance. Your customer would still pay the lender directly, but a trust account would be set up in your name, so your customer will simply think you’ve changed bank details.
Submit invoice(s)
Firstly, you would send an invoice to your invoice discounting company. They would advise how much they could advance on the invoice.
Confidential Invoice Verification
Once the agreed amount of funding is available, your invoice discounting company will verify the outstanding debt with your customer. Usually, this will be done confidentially.
Initial Advance to you
Once the invoice is verified, your invoice discounting company will advance the funds to you.
Credit Control
You will continue to chase payment from your customer for the invoice. The facility itself can be done confidentially.
Balance Paid to you
Once payment has been made by your customer to the lenders bank account, you will receive the remaining balance of the invoice, minus the agreed upon fee.
To see your Invoice Discounting options, use our FREE quote form.
As it is a funding-only facility, you will continue to chase in your own invoices.
Can be done confidentially, so your customers will not know you are using the facility.
The funding line is built to facilitate business growth, making it flexible and unrestrictive as your business grows.
Usually less expensive than invoice factoring, as you do not have the credit control included.
Ideal for both immediate cash injections, as well as a steady stream of cash going forward.
This product is more suited to businesses who are well established, have an accounts package and a strong credit control process.
We came to “Shire” at a time when we had lots of invoices outstanding from local authorities, who are notoriously slow and difficult to get money out of. But now we know exactly when we’ll get payment and this has been great for planning and cash flow purposes. Dealing with “Shire” is easy and very convenient and they have considerably made our business lives a lot smoother.
Lucinda Geoghegan
Here at Superior Shine Cleaning Services Ltd I was put in touch with Shire Invoice Finance to assist my company with invoice financing solutions and would like to highly recommend them. Their industry knowledge was excellent, and we experienced a professional and friendly service not only to us but to our clients. For anyone looking for invoice financing options I would recommend Shire Invoice Finance to anyone as a first point of call they have helped us with our cashflow to keep our business growing
Scott Ronaldson, Superior Shine Cleaning Services Ltd
Just wanted to say thank you for all the financial funding over the last 5 years. When you first came to my business premises to introduce yourself and Shire Invoice Finance back in 2015 I was a little unsure if this would work for us but being a new start up business venture for me I quickly realised that we would need regular cash flow. Thank you for everything you have done and I really do look forward to continued business with Shire Invoice Finance
Stephen Thompson, Thompson Haulage Ltd
I found Ben and the team at Shire Invoice Finance helpful very helpful. They understood what my business needed and within a couple of days everything was in place and ready to use.
Susann Akers, Total Recall Business Services Ltd
Thank you so much for your hard work the past week. I can’t believe how fast and smooth this process has been! I can’t thank you all enough.
Adam, Shellard Travel
Takes less than 3 minutes
Takes less than 3 minutes.
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