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Invoice Financing

  • 05-04-2012 11:28am
    #1
    BizzyBlog
    Registered Users, Registered Users 2 Posts: 21 ✭


    Has anyone tried a private company for invoice financing for 20k-30k?
    If so what percentage do they charge for 30-60 days.

    The banks wont entertain start-ups until reaching a turnover of circa 500k..

    TIA
    BB


Comments

  • #2
    Gloomtastic!
    Registered Users, Registered Users 2 Posts: 8,827 ✭✭✭Gloomtastic!


    Invoice financing is really for companies that are on their last legs and have no other source of finance. That's why the rates are so prohibitive and their practices so restrictive that for every two steps forward, you'll have to go back three.

    Avoid like the plague!


  • #3
    poiuytsam
    Closed Accounts Posts: 43 ✭poiuytsam


    Dont agree that invoicing financing is for compnaies on their last legs , actually it is just incorrect ! Invoice financing can be helpful in certain circumstances

    If you company is growing at a reasonable fast rate , and your debtor is growing , it can be helpful to ease cashflow , it is not cheap , however you can use the rules to benefit you.
    You do not have to give your complete debtor list , you can keep the accounts that pay within 30 days .

    You will have a minimum Charge + assoc costs with the discounting , weigh up all the costs and your exit stratgety at the start !

    Also , if you generate surplus cash from the discounting , you can get disounts from your suppliers for quick payment .

    I used Invoice disounting on 2 occassion , on each ocassion it worked ! , but we used their system to our advantage .


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