What is Selective Invoice Finance?

Selective Invoice Finance gives you the freedom to choose when and which invoice you wish to fund. Unlike traditional invoice finance facilities, the agreement does not cover all the invoices. It is sometimes known as single invoice finance or spot factoring. It works in the same way as invoice discounting but has the added benefit of allowing the business to control which customers or invoices to be discounted.
This facility often has no obligation, allowing you to use the service time and time again at your discretion. Selective Invoice Finance is often a good option for companies that have unpredictable cash flow only at certain times of the year or have one particularly large client that can throw their cash flow off balance.

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How does Selective Invoice Finance work?

1. You simply upload the relevant invoices typically via an online portal.

2. The lender approves the invoice and quotes you a single fee (a percentage of the invoice value).

3. Provide you with an assignment notice (instructing your customer to pay the lender) that you add to your invoice.

4. You send the lender a copy of the invoice with any back-up paperwork e.g purchase order or proof of delivery.

5. They advance you up to 95% of the invoice value minus their fee.

6. When your customer pays, you the invoice balance.
Selective Invoice Finance can also be a confidential facility.

Selective Invoice Finance Costs

The selective invoice finance costs in general are more expensive than invoice factoring or invoice discounting, because single invoice finance is usually one transaction only. You are not tied in to any contracts and therefore, as there are no minimum monthly fees.

If you start to use selective invoice finance on a regular basis to support cashflow. It may prove to be an inefficient/expensive product, and you should then consider whether invoice discounting or invoice factoring are more suitable funding facilities for your business.