This is a common question, however it doesn’t result in a simple black or white to answer. In short, there are a range of different companies that suit different requirements.
It’s important that when you start to look into it, you should do thorough research, and in particular, investigate fully the terms and conditions if you are interested in finance – keep an eye out for any hidden costs or fees.
Market Invoice
As the largest invoice finance platform in Europe, Market Invoice has provided funding for over £2 billion worth of invoices since 2011. It is a well funded robust program, with giants Santander and Barclays having significant stakes.
From August 2013, the government in the United Kingdom started lending to small businesses throughout the UK via Market Invoice, and has provided funding of more than £50 million. In just 24 hours you are able to receive up to 90% of the value of your invoice, followed by the remaining mount once the invoice is due.
THINGS TO NOTE:
- Advances of £5,000 to £3,000,000
- It takes just 15 mins to apply, and you can receive funds in 24 hours
- A pay as you go service.
- You can use it only when you need finance
- Expected to pay between 1% – 3%
Advantedge Commercial Finance
Situated in Manchester and Thames Valley, Advantedge, previously known as Factor 21, is now a leading privately owned factoring company in the United Kingdom – no surprise as the directors have a whopping 120 years worth of experience in funding businesses.
They also provide users with an online tool that gives real time information, and allows for instance funding access.
THINGS TO NOTE:
- Funds availability against invoice value with credit management services.
- Protect your business against bad debt with Credit Protection.
- You can use this only when you need finance
Giant Group
Previously known as Outsauce, recruitment finance specialists Giant Group are the official partner of The Recruitment & Employment Confederation (REC).
To improve cashflow, Giant provide a full credit control function, and can raise an invoice on the client’s behalf in just 30 mins. They also handle payroll, payslips, online timesheets, RTI reporting, including all intermediaries reporting and relevant HMRC forms.
THINGS TO NOTE:
- Availability for 100% advance rates on temporary invoices and they provide factoring, invoice discounting, and more.
- 24/7 online access to their facilities.
- Are able to handle cash payments, chase debtor payments, and deal with invoice and sales ledger verification.
Close Invoice Finance
With 3 consecutive years as Business Moneyfacts’ “Best Factoring & Invoice Discounting Provider”, Close Brothers Invoice Finance is part of Close Brothers Group plc.
Whilst they have the financial power of a merchant bank, they also offer the flexibility of an independent provider – the best of both worlds!
Their direct access to underwriters allows the local teams at Close to make quick decisions. Not only looking at turnover and industry, but also account factors others may not be able to, for example business objectives and future potential.
THINGS TO NOTE:
- An advance on invoices of up to 90%
- Access to a dedicated relationship manager
- You can either retain control of payments or have the invoices collected by their team of professionals.
- Bad debt protection service is available
Skipton Business Finance
Multi award winning leading receivables financier Skipton Business Finance is based in Skipton, Birmingham, Leeds, Bracknell and Manchester.
With flexible invoice finance solutions, they provide businesses in the UK with working capital. Services include their award-winning My White Label solution, Invoice Factoring, and Invoice Discounting.
Despite having the agility of an independent business, they are a wholly owned subsidiary of Skipton Building Society, which has served its members for over 150 years.
THINGS TO NOTE:
- You can fund up to 90% of invoices
- Fee structure built on transparency
- Free Client Credit Reports
- Availability to a dedicated relationship manager
Barclays Corporate
Working to provide cashflow for startups and working capital facilities for multi-million turnover businesses, Barclays provide a wealth of support and technical experience to give clients the best opportunity for their businesses grow and thrive.
Barclays also provide quality client services with their dedicated team and managers to ensure quality client service.
Their Confidential Invoice Discounting product provides an advance of up to 90% on unpaid invoices and they have an experienced team who are able to structure facilities to match an individuals needs.
Barclays also offer Bad Debt Protection with a CID+ product that includes 100% cover, discretionary limits of up to £10,000, and protracted default cover.
THINGS TO NOTE:
- Funds for up to 90% of approved invoices
- Advances in one working day
- Availability for Bad Debt Protection
- Multiple currencies available
Bibby Financial Services
Bibby Financial Services deliver innovative financial solutions to both Small and Medium Sized Businesses. Which allows managers and directors to reach their business goals/ambitions by giving them the financial support they need.
Flexible funding facilities from £5k to £10m allowsclients to run their business with security whatever the circumstance.
Having over 200 years of business heritage allows them to provide support to all business sectors whether they are startups, fledgling or established companies.
THINGS TO NOTE:
- They are one of the largest providers in the UK
- Competitive Rates
- Secure Online Portal and a Dedicated team of Relationship Managers
- Availability for up to 100% of invoice value in just 24 hours
Creative Capital
Cheshire based Creative Capital are an independent finance company that achieve national sales coverage. Being privately funded and owner managed, means they can make in house underwriting decisions. Along with maintaining contact with their customers, the owners of Creative Capital are still involved in the day to day running of the business.
Established in 2010, they are one of the first specialist Selective Invoice Finance companies in the UK,and have gone on to expand into Trade and Stock Finance facilities, among other things.
Ability for clients to pick and choose invoices that they want to sell, as and when they need. Clients can raise the amount they need rather than funding an entire sales ledger.
THINGS TO NOTE:
- Single invoice discounting specialists
- Offers a Simple Application Process
- Trade financing – VAT duty and freight can be funded
- Provides bad debt protection
Secure Trust Bank Commercial Finance
Secure Trust Bank plc workspromptly alongside existing lenders to find a solution that works to help your business to thrive and grow.
There are always expert close across the country to get the funding you need as quickly as possible, and will always be available to answer questions, and support your business by resolving any issues you may have.
THINGS TO NOTE:
- A national business, but with local contacts for fast decisions.
- Backs new and existing management/investors to get you flexible funding.
- £500m + customer invoices have been funded
- Excess of £60m in facilities agreed
IGF Commercial Finance
IGF are proud to be different from traditional models of a commercial finance companies.
• They have the best ratio of client managers/clients ; 1:45 compared to competitors 1:100.
• The senior management team have direct telephone numbers available on their website.
THINGS TO NOTE:
- Offer factoring, discounting and Asset Based Lending
- Credit Management Services
- Early Settlement Discounts
- Get up to 90% of the sales invoices value right away
Positive Cashflow Finance
Established in 2007, Positive Cashflow Finance provides business funding for facilities from £10,000 – £1 million. Their hands on tailored service is ideal for first time invoice finance facility users or those experiencing difficult relationships with their incumbent lender.
They provide a wide range of invoice finance facilities pride themselves on being able to make swift funding decisions.
The offices are in Manchester and Birmingham, but as their reputation has grown they have an increased demand throughout the UK and now support 200 businesses in a wide variety of sectors.
THINGS TO NOTE:
- PCF Offer factoring, discounting and Asset Based Lending
- Offer Credit Management
Pulse Cashflow Finance
Experienced funding partner Pulse Cashflow Finance work with businesses to providing working capital solutions to grow businesses and solve issues.
Invoice finance and receivables award winner, Pulse Cashflow Finance, have delivered over £1bn cashflow support since they were founded 10 years ago.
THINGS TO NOTE:
- They specialize in Construction Industry finance
- Transparent Fees
- Fast Decisions
- Outsourced Credit Control is available
Calverton Finance
Calverton provide help and support for businesses that are turning over between £250k and £5million across the UK with flexible cash flow solutions.
They allow up to 90% of the invoice value so that you can deal with business expenses,and pay suppliers and staff rather than waiting for your customer to pay.
THINGS TO NOTE:
- A dedicated experienced credit controller for you and your business.
- Protection against non-payment of invoices and bad debts.
- Support & Finance for Recruiters
- Working with new and established businesses
Team Factors
An independent funder from 2010 providing factoring and back-office solutions mainlyfor the SME market.
THINGS TO NOTE:
- Each client receives a bespoke factoring service
- No Hidden Fees
- 60 Years of Experience
- Credit checking as standard.
- New Accounts can be Created in just 48 hours
Hitachi Capital Invoice Finance
With over 25 years’ experience in the market, Hitachi Capital have helped over 700 small and medium businesses to grow.
THINGS TO NOTE:
- Over 5bn in assets
- Subsidiary of the Hitachi Capital Corporation
- Asset finance of up to £500,000
- Up to 90% of unpaid invoices released in 24 hours
- Straightforward repayment and no hidden fees
Nucleus Commercial Finance
They are an alternative business funding specialist providing SMEs in the UK with alternative funding options – supporting growing companies with the finance they need.
From working capital, to a bridging loan or finance for new business equipment, they have the expertise to structure business funding to ensure future success.
THINGS TO NOTE:
- Provide factoring and invoice discounting across the UK
- Adapting to changing circumstances where possible
- A high level support facility with in-house financial expertise.
Investly
Investly charge between just 1.5%-3.1% of the total invoice value – among the cheapest across the market.
THINGS TO NOTE:
- Available for registered businesses in the UK, who have been trading for over 6 months and have a £50,000 minimum turnover.
- Includes invoices with payment terms of 15 to 180 days
- Invoices funded of almost £40m