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Festive Factoring

It’s quite hard to avoid now its plaster all over the media and out on the streets, but Christmas is getting near. The team at Select Factoring are in the proceeds of organising their own personal Christmas activities, and I decided to pop into town this weekend. Normally I have a mental list of what to go out and buy but for some reason this weekend, I could only stand the hustle and bustle of town for 3 hours and headed home with nothing more than a face wash and some moisturiser- great.

I suppose like most things its all down to planning, and the festive season is the most expensive, for buyers but the most profitable for companies.

Planning is the key. It’s very much the same if you are a small or medium enterprise. Have you planned around the festive period? Will you carry on trading? Will you be giving out bonus payments? Will you have enough cash flow to pay all staff, purchase anything the company needs and possibly take the Staff out for a festive beverage? If the answer is no then now is a great time to act, especially if you have invoices to send out to customers. You could get cash straight away- mad as it seems, although you may have a 30 to 90 day payment term set up with your clients, if they are credit worthy, you can actually gain the capital tied up in your invoices way before the payment date, ultimately Christmas is saved, and so few companies have caught onto this way of funding.

Invoice Financing, Factoring and asset based funding all rely on the amount of funds tied up in invoices, and you simply allow a Factoring lender to take on these invoices and chase payments from you clients, but you will gain the cash from the invoices way before payment is due. So get those invoices together, contact a factoring lender, and get your festive finances in order.

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