Raise cash from your outstanding business to business invoices, with the added benefit of credit control.
Factoring, also known as invoice factoring, is a financial product which allows your business to raise cash from your outstanding business to business invoices. The invoice factoring provider would advance you an agreed percentage against your unpaid customer invoices.
The factoring company takes assignment of the invoices, giving you a percentage of the total invoice value. They then take responsibility for chasing & collecting the invoice payments. This facility comes with the added benefit of credit control.
Call our friendly team of finance experts if you have any questions or need more help.
It is a great alternative for businesses who have just started trading, are growing quickly or who cannot secure the traditional forms of funding from their bank. Factoring helps to ensure your business has the cash flow it needs to succeed.
Factoring can be useful for improving your ongoing cash flow. It bridges the gap between completing a job and receiving payment for the work. This means you are able to keep up with bill & wage payments, as well as have the funds to make bulk or early payments to suppliers.
Call our friendly team of finance experts if you have any questions or need more help.
The majority of invoice factoring companies make two payments against any invoice you choose to fund.
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. The basic steps of Factoring are below:
Submit Invoice(s)
Firstly, you would send an invoice to your invoice factoring company. They would advise how much they could advance on the invoice.
Invoice Verification
Once the agreed amount of funding is available, your factoring company will contact your customer to verify the invoice.
Initial Advance to you
Once the invoice has been verified, your invoice finance company will advance the funds to you.
Credit Control
Your factoring company will then chase your customer for payment of the invoices which they have advanced funds against.
Balance Paid to you
Once payment has been made by your customer, you will receive the remaining balance of the invoice, minus the agreed upon fee
Call our friendly team of finance experts if you have any questions or need more help.
Bridges the gap between completing works and receiving payment.
The credit control service allows you to focus on running & growing your business, instead of chasing unpaid invoices.
Factoring facilities are flexible, they grow with your business as it grows.
As they are experienced Credit controllers, their professional approach should improve your debtor days and how quickly your customers pay over time.
Factoring allows you to make early or bulk payments to your suppliers, which means you can take advantage of discounts and reduce your production costs.
Call our friendly team of finance experts if you have any questions or need more help.
Just look at what our satisfied customers have to say about us…
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
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Takes less than 3 minutes.
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