Advisors choose Factor 21 for their clients because we offer:
- cash transfers as fast as any competitor and faster than most
- full support from our helpful, responsive staff at all levels
When a business is considering invoice finance, it is advisable to examine cashflow and cost implications preferably with the help of an advisor.
Unlike most of our competitors our charges are straight forward and transparent.
We levy a reasonable facility charge for each invoice and factors discount, which is equivalent to interest.
There are no extra audit, commitment or exceptional fees such as for making payments on the day of receipt of invoices or cash, providing copy invoices and aged debt reports.
Once an agreement has been signed, Factor 21 will purchase invoices as they are raised and typically advance 75 – 80% of their gross value. Our decision will only take hours and the initial cash advance will arrive within days.
The invoice will be funded for up to 120 days (95 days from end of invoice month) and our service offers a credit control service tailored to your requirements. Should it be necessary we provide in-house legal collection services through the court system as a cost effective alternative.
When the invoice is paid to Factor 21 the balance (20-25%) is made available to you.
As the CIMA (Chartered Institute of Management Accountants) points out, cash does not arrive in your bank account willingly. It has to be tracked, chased and captured. You need to control the process and there is always scope for improvement.