Best UK Factoring Companies
If your business sells to commercial customers, and thinking about Invoice Finance, you may want to know who are the Best UK Factoring companies and how you may be able to benefit from a process known as invoice factoring. This is where a company sells its invoices to a third party, who gives you the money up front and then chases payment on your behalf. This works because the money owed is a business asset so we are here to let you know more about the Best UK Factoring Companies.
There are two types of factoring companies to choose from: main high street banks offer business factoring services (although you do not have to choose the same bank that handles your other financing needs) or you can opt for a specialised independent factoring company instead.
Invoice Factoring Services From UK Banks
These high street banks provide invoice products and are worth investigating for their professional and flexible offerings:
- Lloyds Commercial – factoring service is available to any company with an annual turnover of at least £50,000 and is especially suitable for start-ups or growing businesses. They offer a 6-month, no-obligation trial.
- RBS – were named the Invoice Finance Bank of the Year in a 2012 poll and are one of the UK’s largest and most trusted invoice finance companies, offering a beneficial link between invoice finance and business banking.
- Barclays – usually focus their invoicing services on companies with credit sales of at least £100,000 a year and work with a wide range of enterprises such as printers, distributors, transport firms and recruitment agencies.
- HSBC – offer services to medium and large businesses (usually with a projected turnover of £250,000) and provide attractive packages that include credit protection, international factoring, online account management and no hidden charges.
- Skipton Business Finance are part of Skipton Building Society Group family – recently voted in the top 100 companies to work for by The Times and their funding lines start from as little as £25k and currently go up to £5m.
Best UK Factoring Companies
- Metro Bank is a specialist invoice finance company, focused on helping small businesses. Their flexible packages are designed with the customer firmly in the driving seat and they pride themselves on customer service and independent advice have been purchased by metro bank.
- Bibby Financial Services are the UK’s largest independent factoring company. For an 85% return on the cash tied up in outstanding services, Bibby offer debt chasing, credit control and sales ledger management, which can be kept completely confidential (confidential invoice discounting). They offer help with overseas debt (international factoring) as well as bespoke packages for all industries.
- Hitachi Capital provides award-winning invoice factoring and discounting to small and medium sized UK businesses. They offer easy to understand cash flow solutions, with good customer support, trial periods, price promises and a focus on friendly service.
- Factor 21 The established, independent invoice finance company Factor 21 has changed its name to Advantedge Commercial Finance, with effect from 22nd January 2018. The name appears an interesting combination of the words “advantage” and “edge”.
- Market Invoice is an online platform that brings a combination of auction and crowdfunding to the invoice financing sector. The site is a 24-hour facilitator, enabling companies to sell their invoices to the highest bidder at any time of the day.
- Ashley Business Finance Founded in 1993, Ashley Business Finance grew quickly and was able to pull-off a reverse takeover of the Ultimate Finance Group plc in 2010.
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