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It can be quite difficult choosing a factoring lender and that is why factoringhelpline.co.uk is here to help business owners decide and even negotiate on your behalf.

Factoring lenders can be:

  • Banks
  • Finance institutions
  • Independent companies

When you are comparing factoring lenders the initial decision should be based on :

  • The costs of the factoring lenders
  • The value for money offered by the factoring lenders
  • The factoring lenders experience of your business sector.
  • How flexible the factoring lender is on credit limited offered in the facility
  • Factoring lenders should be willing to let you talk to some of their customers.
  • What is the reputation is also important.
  • What is the factoring lenders’ record in collecting debts quickly and efficiently?
  • How exactly does the factoring lender operate?
  • What are the procedures of the factoring lender in detail and do they suit you?
  • How does the factoring lender handle disputes and queries?
  • Businesses work very closely with factoring lenders so make sure you like one and other on a personal level.
  • How is the factoring lender likely to communicate with your customers?
  • Can you be sure that the factoring lender will not upset customers?
  • How easy will it be to part company with the factoring lender?

When you are trying to compare factoring lenders the first thing is look at the costs involved. The major costs of factoring lenders are the following:-

  • Compare the factoring service fees
  • Compare the fees that factoring companies charge on interest on outstanding balances
  • Compare the factoring administration fee
  • Compare factoring non recourse insurance fees
  • Compare the factoring renewal fees
  • Compare the non utilisation fees charged by the factor
  • Compare the termination fees charged by the factor
  • Compare the hidden fees charged by the factor, if any.

Get an invoice finance quote today by calling 0800 597 4757 or apply online to compare factoring companies.