Factoring
Factoring is effectively a prepayment of your sales ledger. You are raising
cash against invoices that you have issued. This can be a fantastic way of rapidly
improving your cash flow as typically you will be paid up to 85% of the invoice
value within 24 hours of raising the invoice.
On a fully managed service, the debt factor company will also take over the management
of the Sales Ledger and Credit Control. Not only will you have an instantly improved
cash position, but the administration burden will also be lifted as this could
be managed for you.
Invoice Discounting
This is an alternative way of drawing cash against invoices you have raised. The major difference between this and debt factoring is that with Invoice Discounting
you will retain full control of your sales ledger and credit control function.
You will be able to draw a similar amount against the invoices raised (typically
up to 85%), but this facility will usually only be available to larger businesses
with a turnover in excess of £500,000.
Not sure which option is right for you? Take a look at our Free Report and get
the inside track on the benefits and disadvantages of each option:
Factoring or Discounting? Which is right for my Business?
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