Spot Factoring

Borrow funds against single or selected invoices.

Shire Invoice Finance employee working in an office

Spot Factoring is a form of invoice finance which allows you to borrow funds against single or selected invoices.

The more traditional facilities, such as Invoice Factoring & Invoice Discounting, require you to borrow funds from all or the majority of your invoices. Spot Factoring allows you to simply pick and choose individual invoices to fund against.

This product works well for businesses with one or two slow payers, or if you have a large job on extended terms. It has no contractual tie in, and you will simply pay for funds you borrow from the facility.

This product is more expensive than the traditional products, but it gives you a level of flexibility you do not get with others. You only borrow funds you need to borrow, and there are no fees if you don’t use the facility.

How Spot Factoring works

Spot Factoring lets you borrow funds from your unpaid customer invoices, without the obligation to put all or the majority of your invoices through. You will 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 will pay the lender back directly.

1

Submit invoice(s)

Firstly, you would send an invoice to your spot factoring company. They would advise how much they could advance on the invoice.

2

Invoice Verification

Once the agreed amount of funding is available, the lender will contact your customer to verify the invoice is correct.

3

Initial Advance to you

Once the invoice is verified, your spot factoring company will advance the funds to you.

4

Credit Control

Your spot factoring company will then chase your customer for payment of the invoices which they have advanced funds against.

5

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. There is no obligation to draw more funds from the facility at this stage.

To see your Spot Factoring options, use our FREE quote form.

Benefits of using Spot Factoring

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Allows you to draw funds to bridge the gap between completing a job & getting paid.

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No contractual tie in, meaning you can stop using at any point with no exit fees.

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Pick & choose which invoices you would like to fund. There is no obligation to draw funds from the facility.

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Very flexible product to your business needs, and is ideal for one off, irregular, or short term funding requirements.

Customer testimonials

Five stars

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

Five stars

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

Five stars

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

Five stars

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

Five stars

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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