Factoring & Invoice Discounting - Factoring & Invoice Discounting UK
Invoice discounting and factoring are financial tools available to all companies, it allows a company to receive working capital much faster than using the usual collection methods for account receivables (invoices). In short, invoice factoring helps purchase outstanding invoices and account receivables from companies at a slight discount (as little as 5%) in exchange for cash.
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Factoring and Invoice Discounting are not the same
Factoring & Invoice Discounting normally provide finance against outstanding Invoices (debtor balances). Factoring however provides a full sales ledger and collections service under which is the responsibility of the Factor. With Invoice Discounting you are responsible for administering the sales ledger collections with this customers need not know that you have an Invoice discounting agreement.
Ending a contract with a Factor or Invoice Discounter?
Closure of an invoice discounting of factoring contract will be subject to its terms and conditions. Some companies state in their contract 3 months’ notice which can exercised at any time, some companies demand it to be annually. Full repayment of funds provided by your Factor/Invoice Discounter before you can cancel an agreement.
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