Invoice finance enables businesses to borrow money based on what your customers owe. For growing businesses, this can be an effective way to manage cashflow.
The advance on a customers invoice can enable your company to pay supplier invoices upfront and achieve better rates or support continued investment and growth.
Invoice factoring is particularly popular in industries where invoice payments are regularly 30, 60 or 90 days.
Late payment is one of the largest threats to SME survival, with 60% of small businesses failing within their first five years of trading.
Providing better rates than overdrafts which are often difficult for young businesses to obtain, Invoice Financing releases up to 95% of the invoice value and covers the time between invoicing and payment.
The security this offers can enable you to focus on the growth and development of your company.
Invoice Insurance & Factoring is a great way to provide security to your business and help support growth.
You can choose to take the responsibility of the administration of your sales ledger and debt collection, which can leave you exposed if a client is unable to pay the invoice.
Alternatively you can pass on the responsibility for credit control to your lender through Invoice Factoring. In this instance your provider chases your customers for payment.
You can add Bad Debt Protection to your policy or to a specific invoice for added security. It means if your clients’ defaults on their invoice, you will still be paid.
As part of the process, we will establish the potential risk from new/or existing customers by carrying out credit checks and providing advice to minimise your exposure to bad debts.
As the risk is higher for your insurer plus the cost of administration for Bad Debt Factoring is increased, it does come at a cost – however, there are valuable savings in the event of customer insolvency.
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The team at trufe. are experienced in business management, and following a detailed evaluation of your companies strengths, risks and financial status, we can provide expert guidance on the most appropriate cover.
Searching the whole market to source cover which addresses agreed policy objectives, our team help ensure your cash flow is one less worry for growing businesses.
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