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Who Can Benefit from Invoice Finance?

Factoring and invoice discounting are important ways for many businesses to maintain and manage their cash flow problems. With bank funding often hard to access and government schemes not always available, it’s important for many small businesses to look into alternative finance options such as invoice finance or asset based finance. Factoring and invoice discounting in particular can give fast and secure funding for a range of businesses.

Though there are many different areas of industry that can use factoring and invoice discounting, there are a few for whom it might be even more useful. Manufacturing, recruitment and construction businesses could find it especially handy, as well ass printers, couriers and wholesalers. Any business that extends credit to clients for a service, whether that’s products or not, can benefit from factoring.

Factoring and invoice discounting can solve problems with late or slow payment of invoices. As well as product and service based industry, it can help to provide flexible finance for new business start ups. It can also help to grow your business by providing a boost in cash flow and letting you avoid waiting for payment by customers. If your business is struggling with the gap between invoicing customers and receiving payment, again factoring can help.

due to to the differences between factoring and invoice discounting, each will be applicable to different types of business. As factoring takes credit control and collection into the hands of the lender, freeing up time and resources of the business seeking funding, it’s often most useful for smaller businesses. Similarly, as invoice discounting leaves credit control in the hands of the business, it’s often suited for bigger companies with greater resources and man hours to commit to collecting payments.

If your business needs flexible, secure and fast funding, then factoring and invoice discounting can help. Select Factoring have a range of solutions for many types of businesses.

 

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