If you are looking for Invoice Finance Norwich, look no further. Our expert agents are here to assist your business and find the best invoice factoring rates for you.
What is Invoice Finance Norwich?
You may be thinking “What is Invoice Finance Norwich – and how can it be beneficial for my business? In short: you simply sell your invoices, minus a small fee. Our invoice finance partners will then carry out due diligence, and then advance up to 95% of the invoice, providing immediate cash flow for you to use for your business needs. Whilst clawing back some of your free time as you don’t have to chase customer payments.
Immediate finance for businesses in Norwich
Norwich, part of the Fastest Growing Cities group, had higher than the national average employment rates prior to the pandemic, however a report by the Centre for Cities think tank and the Fast Growth Cities suggests Norwich still needs support to bounce back from the economic damage done by Covid-19.
Invoice finance is one solution for business owners in Norwich needing to improve their cash flow, by providing working capital when it is needed.
Key Features
Receive up to 95% of your sales invoice
With business invoice financing, approval is quick and easy. In most cases you can get paid for your invoices in 24 hours.
Improves personal wellbeing
Invoice Finance Norwich helps reduce payroll stress, giving you access to cash to meet weekly, or monthly payroll commitments.
Forward planning for success
Want to replenish stock? With competetive invoice factoring rates, it will mean no more waiting for your customers payments. This will allow you to purchase supplies quicker.
Supporting you and your business
The lender takes over the running of your credit control, a dedicated team of experienced professionals, who will manage your collections, reducing late payments and the risk of bad debts.
Your invoice finance company grows with you
The last thing a growing business needs is to incur more debt, and so we keep invoice factoring costs down. Invoice Financing allows you to get the capital you need when you need it, and grows as your business grows.
How does Invoicing Financing Work?
Companies that are using business invoice financing do not have to wait for their customers to pay their invoices for them to pay suppliers, staff, and other overheads. Invoice Finance lenders will purchase your invoice and collect the payments from your customers. You do the work, sell the invoice, and typically get up to 95% of the invoice value immediately. Once payment from your customer has been received, they will send you the remaining balance, minus their fees and any other charges.
How does Invoice Financing work?
A guide in 5 simple steps:
1. You process the invoice to your clients
Provide your service or product, on your agreed terms.
2. Flexibility in the Invoices you sell
You can tailor your facility to gain funding from one invoice, multiple or your whole sales ledger. The invoice factoring company will purchase the debt that has been agreed with you.
3. Receive up to 95% upfront
Most lenders will allow you to receive up to 95% of your invoice value
4. Cash Collection
The invoice finance company will manage credit control, and your customer pays the invoice factoring company directly.
5. Receive final balance
Once payment has been received, the balance, minus and fees and charges will be made available to you.
Invoice Finance Costs
For Invoice finance in the Norwich area, and the costs involved vary from business to business. It is important that you understand the invoice factoring rates associated with running an invoice factoring facility.
Application / Commitment Cost
Some lenders will charge a fee to carry out due diligence, and some do not.
Service Fee
The invoice factoring costs will include a service fee for the day to day administration of the facility charged as a percentage of the gross invoice value.
Is invoice factoring the right solution for your business?
Invoice factoring is a viable funding solution for many business sectors including: Haulage, Recruitment, Manufacturing and many more. With the COVID-19 pandemic crippling business cashflow, it is becoming a crucial role in businesses staying afloat.
Business owners are great at making their product and providing their service. Cashflow will always be ‘king’, and with small business invoice factoring the pain, headache or worry about cash is taken away.
Invoice Finance gives SME business owners the opportunity to access cash from invoices, but just as importantly it also gives the gift of time. The time you or your team spend managing your credit control. You can focus instead on achieving your business goals without the typical cashflow problems you were experiencing before invoice factoring.
Are you looking unlock cash from your invoices? Invoice Finance Norwich could be the right funding solution for you. Contact us today for a no obligation discussion.
