This option is available to allow for even greater flexibility. That said, the benefit of using invoice discounting is that your customers won’t know that you’re using a finance provider at all, meaning you have ultimate control of your internal financial processes. It’ll be your responsibility to chase customers if they don’t pay on time. If you use invoice discounting your business will still be in charge of credit control. This is the most straightforward form of invoice finance currently available. That said, as mentioned, there are benefits to this too. It’s worth noting that your customers will know that you use a finance provider when you use an invoice factoring company. Some business owners like outsourcing their credit control in this way it frees up time for them to concentrate on their business. Typically, customer payments will go into the factoring company’s bank account and they will handle all credit control. This is the form of invoice finance where the lender is most closely involved. We’ll then go out to our carefully selected lenders to secure the best deal for you. Our team will work with you to identify the best invoice finance solutions for your exact needs. Thanks to our well-developed network of lenders we can source the best invoice finance deals from across the UK market. Normally you’ll receive the bulk of an owed invoice within 24 hours of acceptance.
Orchard Business Finance work with specialist lenders who offer funding against invoices. It’s even worse if this delay means you can’t afford materials etc for a new project that you’re about to start. We understand how frustrating it can be to await payment for work you’ve already completed.
Broadly speaking, by using invoice finance, you’ll receive most of the money almost immediately and then the remainder (less the lenders fee) once the invoice is settled. With invoice financing you can receive up to 90% of money owed before it’s paid.
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