Invoice Factoring for Transport
Wages need to be paid weekly or monthly, Fuel bills don’t wait to get paid, insurances or repairs as well as pay and VAT, this is where invoice factoring for transport comes in to its own.
And yet the transport industry has one of the slowest customer payment profiles in the UK.
This can be a lethal combination, particularly for a growing business. Managing your cashflow is a vital part of managing your transport business.
Invoice Factoring for transport gives you immediate acccess to the money owed to you by customers. You can have immediate funds to pay for fuel and other supplies and have funds available for those cashflow dips that confront all transport companies from time to time.
Invoice Funding facilities range from £40,000 to £2,500,000. This is not a loan, it is just advancing the money already owed to you.
The main differences between using us or using a more traditional bank facility are:
1) Invoice Factoring provide more generous and flexible funding
2) The facilities grow organically with the business without the need for constant funding limit reviews
Invoice Factoring charges will normally be the same as the equivalent bank facility
How Invoice Factoring works for Transport – 5 Simple Steps
1. You deliver your goods or service and invoice your customer as normal.
2. You send the invoice funder a copy of the invoice.
3. The funder makes available up to 95% of the invoice value.
4. You decide how much you want to draw and the funder transfer funds into your bank account, same day.
5. When your customer pays the invoice, the balance (5%) is released to you.
In the transport industry? would you like to know more about invoice factoring for transport and how it can help your business? please complete the online enquiry form and a funding specialist will contact you by return.