Invoice finance is a great way to access cash fast for your small or large business, using your future invoices as collateral.
For industries such as construction, marketing agencies, fashion labels, manufacturers and caterers, they are used to waiting 60, 90 or 120 days for their invoices to be paid (known as accounts receivable) but they require working capital in order to keep their businesses moving – such as paying for staff, materials and overheads.
With invoice finance, you can show your lender a valid outstanding invoice (or multiple invoices) which they can verify with the supplier and if approved, they can give you an advance of 70% of its value upfront.
The words of invoice financing, factoring and discounting are often used in the same context and have very small differences. Even though the product may be a little different, the rates are still the same. By speaking to one of our advisors, we can make sure that you get the best version of the product for your needs and requirements.