Here at QuoteGrab, we understand how costly and time-consuming chasing up invoices can be. Luckily for you, invoice factoring exists to do the job for you - and let you focus on the important aspects of your business! So if you want quick access to profits, improved cash flow and reduced financial risk, invoice factoring may be the way to go - no matter the size of your business! However, if you unfortunately pick the wrong factoring company, it can be a rather costly mistake. But, with us on your side, you won't need to worry about picking the wrong option, as we pick for you! All you have to do is fill out this quick form.
Takes Two minutes
We know you're hiring an invoice factoring company because you want to spend time on important tasks! Well, don't worry, finding a company won't take up any time. Our form actually takes only a few moments to fill in!
Not all factoring companies focus on saving you money - in fact, some only see your company as profit. We only focus on matching you with companies that will save you money!
Get Great Invoice Factoring
When you get someone to do your invoice factoring for you, you want it to be done well. We match you with providers that promise low fees and fast results!
TWe understand that waiting for customers to pay their invoices can take forever - up to four months on some occasions! But, you don't have time to waste. We know that not every company can afford not to chase up lengthy payments. In fact, some businesses (especially sole traders and small companies) rely on their invoices being paid quickly to keep their businesses afloat!
Here at QuoteGrab, we want to help you increase your cash flow, and give you quick access to your funds. After all, there shouldn't be a delay on you being able to use what's rightfully yours! However, to get you that money, we need to find out a little bit more about your business and the type of customers an invoice factoring company will have to be chasing up.
After we've received this information, we can use it to compare it against all the companies on offer - and select the top four that we believe suits your business the most!
It's understandable, especially in the case of small businesses, that you want access to your cash fast - and don't want to spend 120 days waiting for any payments. Not when waiting for that long could actually put you into debt! But, you also shouldn't have to pay an extortionate fee to access your money either - or end up only receiving half of what's owed to you. That's the risk you make by not comparing the prices of invoice factoring companies! By exploring all the options available to you, you can discover which companies offer you the lowest fees to access the most of your money - some offer up to 100% of the invoice being paid back to you!
This is why comparing companies is so important to you and your business! Selecting one that boasts you get 100% of your invoice returned is all well and good until you realise they charge a 15% fee for their services. Especially when you realise that their rival is offering you 90% of your invoice being paid back to you, and only charges a 5% fee! Which means, even though the latter company only offers you a partial amount of the invoice you send out, you only lose out on 5% of your profits. Whereas the company that offers you your invoice in full, actually tricks you into losing out on 10% of your profits! See - comparison is important! But, analysing the terms and fees of every contract can be so time-consuming - which is why you don't have to! We actually do all the work for you, you'll never have to lift a finger.
Benefits of Comparing Prices
Find Low-Fee Invoice Factoring
Customise ContractsTo Your Budget
Only Talk To Highly Experienced (10+ years) Invoice Factoring Experts
Discover Where To Find The Best Factoring Deals
In case you haven't noticed, bagging you a bargain is just one of our many talents. And given our experience in snapping up a deal, we thought it was only fair to let you in on a few of our money-saving secrets.
Outsource Higher Invoices
Even if you've chosen a low-cost factoring company, there are still a few things that can affect the total cost. For example, the value of an invoice could change your charges from 0.5% to 5%. But, the greater the value of the invoice you hand over, the lower the charge will be! So the more you charge, the more money you'll receive back - result!
Lower Your Invoice's Payment Period
When you pay a factoring company, it's usually on either a weekly or monthly basis. So, if you allow your customers to pay you back, let's say 6 months later, you're going to pay a lot more than you would for someone who only gives them 30 days to pay! Obviously, you can reduce this cost immediately by changing the terms of your invoice!
Increase Amount Of Invoices You Need Factoring
In similar circumstances to the value of invoices, the higher the quantity of invoices you hand over, the lower the charge you'll have to pay is! So, if you're a new company who's only sent out one invoice so far, maybe hold off on hiring an invoice factoring company just yet. Save money by waiting until you've gathered a significant amount of invoices for that payment period!
Get Reliable Clients
When an invoice factoring company agrees to work with you, it's not your credit history they've been assessing - it's your clients. They're the ones they're getting their money from after all! If a client is a frequent late payer and seems like a risk to take on, they could raise their charges significantly - or maybe even refuse to accept that invoice at all!
Well, in short, it's a way to access the fund's customers owe you before they've paid their invoices - through a third party company! This is essential for any company who allows long payment periods or rely on those funds to run their company.
Not only are factoring charges lower than ever, but there are also plenty of other ways hiring one of these companies will benefit you! For example, it improves cash flow, wards off bad debtors, and flexible financing!
You already know just how important invoice factoring is to your business, but it shouldn't cost more than it's worth! Here at QuoteGrab's top tips to keeping costs down:
Outsource Higher Invoices
The higher the value of an invoice, the lower the charge you receive on it will be. So, don't bother sending out an invoice to a factoring company if it's only for ||$||10||$|| - it's just not worth it.
Lower Your Invoices Payment Period
As a factoring company usually charges on either a weekly or monthly basis, the longer you give clients to pay their invoices - the more money you'll have to pay out in fees! I think reducing the majority of your invoices, depending on the service, to 30 days should be efficient.
Increase Amount Of Invoices You Need Factoring
The number of invoices you send out each month is one of the first things a factoring company will look at before agreeing to work with you. The more you send out, the more value it is to them - so the bigger the discount you receive.
Get Reliable Clients
A factoring company cares a lot more about your client's credit score than yours - as that's where they'll be getting their money from. If your customer is a frequent late payer, don't bother handing over their invoice - either the charges will be raised, or the company will refuse to pay it.
Prove That You're Reliable
To work with you, a factoring company needs to be reassured that you actually do make a profit - and you're going to be around long enough for them to gain something out of this partnership. Prove your reliability, and they're likely to offer you a cheaper deal!
Once you receive a quote from the factoring company, it's wise to try and negotiate a deal. If both you and your clients seem reliable, and the work you have to offer them is valuable, it should be expected that you can get a reduced price!
+ What Is Invoice Factoring?
To put it simply, invoice factoring is the process where a business sells on their invoices to a third-party invoice factoring company. This company gives the business a percentage of their invoice cost (usually around 80%) up front and the rest once they've received a payment from the customer who received the invoice - they take a fee, of course. In short, it's a way to access your cash fast!
+ Do I Need Invoice Factoring?
If you qualify for invoice factoring, I don't see a good reason for you not to have it. Not only does it allow you to access your cash fast (by the next day, in some cases) - but it takes the hassle out of chasing up debtors, and allows you to focus on the things that actually matter to your business - like sourcing new clients! If you are interested in invoice factoring, now's the best time to do it, as fees are lower than ever. In fact, they're so low that most companies don't charge more than 3% of your turnover!
+ How Do I Find The Best Invoice Factoring Company For Me?
We already told you that we want you to focus on your businesses growth, not on chasing people up - and that includes factoring companies. Let us prioritise finding the best invoice factoring company for you, and you can focus on sourcing more clients and creating more product!
+ How Much Is Invoice Factoring?
Well, that depends on quite a few things - like whether you trade with trustworthy clients, and how many sales you make per month. We can't give you a final price until we have a little bit more information on both you and your customers! So, to get a quote, fill out this quick form!