There are plenty of articles online that feature the ‘top 10’ invoice factoring providers, but that’s not how we roll.
First, since we have access to 95% of providers in the invoice finance market, we work with far more than 10 funders, so we wouldn’t feel comfortable ranking them into a top 10.
Second, it really does depend on your requirements as an invoice factoring client.
If you’re a startup, for example, this type of funding is more difficult to secure, so you won’t have access to a large chunk of our lenders who would definitely make most ‘top 10’ lists of invoice factoring providers out there. You won’t be able to secure a sizable loan or overdraft as a startup without some form of charge on a property or by providing a strong Personal Guarantee (PG).
That’s why we work with startups and other entrepreneurs to find the right lender that can guarantee a £1million plus facility from day 1, if required. Of course, most startups don’t require this level of support; we specialise in helping businesses of all sizes across all industries. The lender might not be a ‘top 10’ household name like Hitachi Capital or Close Brothers, but they’ll be an exact fit for your business needs as you scale up.
Likewise, we also work with specialist providers for industries like construction and recruitment where invoice factoring is in high demand but needs to be customised to sector-specific requirements.
In construction, factoring can protect you from slow-paying clients. It can also enable you to cover heavy upfront costs and boost staffing, meaning you can take on larger projects with greater confidence and with no debt.
In recruitment, cash flow can be a huge problem day-to-day and a barrier to growth. Waiting on unpaid invoices can mean the difference between staying as you are and scaling up your business.
In terms of services, we also work with providers who specialise in selective factoring or spot factoring only. It’s another way we make sure business owners are connected to the best invoice factoring funders for them. Not all businesses require a long-term solution. Sometimes a selective facility works better if there is an ad hoc cash requirement such as a VAT bill.
Rather than an exclusive ‘top 10’ of invoice factoring companies, we’ve pulled together a list of key considerations when looking for the best provider for your business needs.
Aside from the all-important question of fees, here are some other criteria you’ll need to bear in mind:
A final question to consider is the overall suitability of the invoice finance product provided (invoice factoring, invoice discounting, etc.).
And remember: there’s more to selecting the best provider for your business than going with the one with the lowest fees. That’s why we connect businesses to 95% of invoice finance marketplace providers, so you can get the best deal for you.
Here’s a quick refresher on the clear benefits of invoice factoring:
As well as the general benefits listed above, there are also specific advantages to working with an invoice factoring broker:
We’re experts in finding the right invoice finance provider for businesses of all sizes and from all sectors. Drop us a line to speak to a member of our team about finding the most appropriate invoice finance solution for your company.
Our advice is 100% free and 100% independent, always.
Invoice Finance is a perfect way to help your business manage cashflow and to remove the headache of late payers. There are a number of ways that an invoice finance facility can be structured and it can be tailored to your preferences.
Why not try our “help me choose tool” to allow us to support you in making the right decision for your business in 4 easy steps?
