FastCash when you really need it
This nifty little solution provides finance against sales invoices and is designed to meet the needs of smaller growing businesses with UK sales of up to £250,000 including start up businesses. It has all the benefits of invoice discounting and factoring as an invoice finance solution without some of the burdens. The rates are slightly higher but this reflects the flexibility of this type of arrangement.
Real Benefits:
- No more cashflow headaches, allowing you to concentrate on developing your business
- The ability to continue to give your customers the credit they expect whilst obtaining immediate ‘cash on delivery’ from your sales invoices
- Financial ability to take advantage of new business opportunities such as stock purchases or supplier discounts
Simple Process:
- You send out your invoices as normal and forward copies to us
- We make available 80% of the invoice value within 48 hours of receipt
- You maintain credit control and customer contact
- We receive payments from your customers and credit you the balance (20%) less our charges
- We update the sales ledger and issue monthly statements
- We provide regular management reports giving details of your sales ledger and your account with us
Low Costs:
- Service fee fixed at 1% with a monthly minimum of £150 per month.
- Charge for Finance is calculated against funds advanced at a rate of 3.0% over bank base rate.
Example:
- Monthly Service Fee
Monthly Invoicing:
£20,000
Service fee %:
1.0%
Service Fee:
£200
- Monthly Charge for finance
Funds drawn down:
£10,000
Discount Charge 7%*:
£59 per month
- *3.0% plus base rate of 4.0%
- Total charges £259 per month.
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About the Author:
Contact Steve Thatcher a qualified solicitor with Help With Debt (UK) Limited the total debt solutions company. For all further reading see http://www.helpwithdebtuk.com
For personal contact, email sthatcher@helpwithdebtuk.com. If you have any debt problem whatsover either personal or corporate make Steve your first call on 0808 160 5577. All telephone advice is free.
