Here at QuoteGrab, we go out of our way to support your business through thick and thin. We love supporting your business until it earns its success, all the while helping you save. This means that if you require invoice discounting, we can find a company that can do just that. And what do you have to do? Simply fill out a form, and grab a quote!
Takes Two minutes
Making your business a success? Sometimes it can feel like an out-of-this-world ambition. But thanks to our speedy quotes, we can keep you light-years ahead.
Wait, we can find you a solution super-quick, and you only have to fill out a form? Oh, and we can save you money, too.
Get Great Invoice Discounting
Finding a solution to your business needs is a promise - and finding a great one? That’s a guarantee.
Tn case you haven’t noticed, saving you a few extra minutes throughout the day, pocketing you a couple more pennies, and seeing your business succeed is just part of our 9-to-5. And it’s business finance solutions like invoice discounting that can ensure this. But how can you find a company that can do this? Well, that’s why we’re here.
Finding you a solution to your needs - yes, all of your needs - is always at the top of our to-do list. That means once you’ve clicked for a quote, we’re busy collecting the invoicing information, we’re ranking and rating the reviews, and we’re running the numbers. After all that, we lay out the information super-simple so you get up to speed with invoice discounting.
Or, if you want to skip that process, fill out a form and grab a quote! Invoice discounting? Done.
Let’s go back to the business basics: money matters. How you spend it, how you save it, and how you invest it is key to encouraging success! Or it could promise poor performance... That’s why here at QuoteGrab, we put our weight behind finding you high-quality solutions at a fraction of the cost. Price might not be the only factor to consider when it comes to a worthy purchase, but it certainly makes for smoother sailing. And comparing these prices can help you settle on a deal, and choose the best quality product for your business.
See, this is why we find it so important to compare prices. Not only does it prevent you from paying extortionate interest rates, but it can also protect you from damaging your credit score. Plus, choosing the right deal can actually prevent you from having to take a loan out against things like your home - which is always risky as, if your business suffers a significant loss, you could actually end up homeless! As essential as choosing the right loan is, it’s a lot of work. And we don’t want you to have to burden yourself with any additional tasks on top of your already busy workday. In fact, we do all the work for you - you can just get on with your day!
Benefits of Comparing Prices
Find lower-cost, higher-quality invoice discounting
Discover a wide range of lenders to choose from
Get a package to suit your business’ current and future needs
Invoice discounting - just like any other form of business finance - is key to ensuring healthy cash flow, and promoting a steady source of financial support. And in case you haven’t noticed, that’s pretty significant for your business! But how can you actually find an invoice discounting company?
Easy - with us! Just fill out a form, and grab that quote.
We don’t just love bagging a bargain for our clients - we can’t turn down a good deal, ourselves! And because of this, we’ve gathered an arsenal of money-saving tips. So, it’s about time we passed some of them down to you…
Compare The Companies
Fancy lower rates? Then get looking. By comparing lenders and their terms on offer, you can decide on the cheapest rate, and sign the dotted line. But will this meet the standards of support and quality that your business deserves? At QuoteGrab, we can bag you a bargain, and snag you a great quality deal.
Say ‘No’ To Non-recourse
Recourse invoice finance is the cheaper option; this would involve your business taking on the credit risk of non-payment of an invoice. Eventually, you would have to pay the lender the sum of the invoice. Non-recourse, on the other hand, uses higher fees and less cash released to your business as a form of insurance against non-payment.
It’s Time To Get Negotiating
The cost of invoice discounting is often made up of the lender’s discount charges (interest), and the service fees. Thus, it is often encouraged that you negotiate with your potential lender to try and score a deal. You can even hire someone who can do this task for you. Are you willing to invest to lower your costs?
Commit To Your Lender
Some lenders tend to reduce their fees after a certain number of invoices have been sold, confirming a steady financial relationship between your lender and your business. And it’s these charges tend to hike up the price-tag of invoice discounting. So, to reduce the cost, reduce these fees. Stick to your lender, and start saving!
Invoice discounting allows your business to leverage the value of your sales ledger. Having sent an invoice to a customer, your invoice discounting company or ‘lender’ gives you the money that the invoice is worth (or rather, a proportion of it). You then collect the invoices from your customer, and pay back the lender. The lender then pays you back the remaining amount of the invoice, minus their fees.
Not only does it free up cash, promote healthy cash flow and allow you to plan for the future of your business, it means that you can manage your credit control and debt collection (unlike with factoring). Your customers won’t know that a lender is involved, maintaining a close relationship with your customer that is key to promoting your business. And you can even avoid late payment fees on your debts as you have the cash to pay them on time!
Even if it's a price you're willing to pay, there’s always a way to keep those costs down. Here are some Quotegrab suggestions for cutting down on your invoice discounting costs:
Save On Your Service Charge
As with any service - especially one that’s paying your bills ahead of time - it comes with a service charge! So, to lower this cost, negotiating a lower charge with your lender will reduce your price tag and suit your purse strings. You can even hire a Commercial Finance Broker to help you achieve the most competitive rates.
Stay Loyal To Your Lender
Just like with your service charge, this can be negotiated, and the price pushed down. Or, better yet, if you commit to a long-term financial relationship with your lender, they tend to lower their interest rates. This doesn’t just mean a lower price, however - it can help you have consistent cash flow, securing your future. How’s that for brand loyalty?
Compare To Low-Cost
Looking for a cheaper alternative to your current invoice discounting company? The solution if simple: review the alternative invoice discounting companies, and pick the lowest-price contender. Don’t have time to do that? Not sure how to do that? Leave it to us - we have you covered! Just fill out a form, and grab that quote!
Fancy an easy solution to your invoice discounting needs? Well, you could review the possible candidates, and simply pick the price. But will this suit your business? And will the support and service make your business tick? Lucky for you, the QuoteGrab team isn’t just about grabbing you a quote - it’s also about snagging you a low price.
Rethink Recourse Invoice Discounting
Bag a bargain by opting for recourse invoice discounting, and say ‘no’ to non-recourse. Non-recourse requires high-interest rates and less money paid out; that means less cash per invoice, and more to pay back to the lender! You don’t need to run the numbers to know that’s not a good deal.
Talk To An Expert
Are you a maths whizz? Do you know business finance like the back of your hands? Didn’t think so. Lucky for you, there are people that do understand the ins and outs of invoice discounting. They consider your business, the industry it trades in, and your entrepreneurial stage. And they can help you find the best deal for your business.
+ Will Invoice Discounting Affect The Relationship I Have With My Customers?
No - if you opt for confidential invoice discounting your customers won’t be aware of the financial agreement. This is because you collect the payments yourself, and maintain that all-important customer to business relationship. Invoice factoring on the other hand removes your responsibility for collecting payments and makes the customer aware of the involvement of the lender.
+ Is Invoice Finance A Loan?
No - the industry refers to it as ‘dynamic finance’ rather than a term associated with debt. Whilst it seems like a short-term loan, it is actually much more flexible than a loan.
+ How Much Does Invoice Discounting Cost?
As there are many companies that offer invoice discounting there is no standard rate, particularly as every business is different and requires a different deal. However, typically the charge paid is 1.5-3% of the invoice itself. Fancy finding a more specific answer? Simple fill out the form, and grab a quote!
+ What If A Customer Doesn't Pay The Invoice?
This is where non-recourse and recourse invoice discounting comes in. With recourse invoice discounting, you pay the sum of the invoice to the lender if the customer doesn’t pay the invoice. Non-recourse invoice discounting’s higher fees protect against this; this means you will be safeguarded against losses incurred if your customer fails to pay.
+ What Is Invoice Factoring?
Just like discounting, a third party pays the invoices to the business. However, the main difference is that the factoring company collects the debt, not the business, making the remaining balance available to the business client. Your customers will thus be aware of this contract, and this can impact your customer-business relationship.
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At Quotegrab, we love guiding business owners like you to solutions for your business needs. We’ve picked up a lot of knowledge along the way, and now it’s time to pass that down.
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