Which lender is right for your business if your business trades UK wide?
In the UK there are hundreds of firms that offer factoring. Some are owned by the major high street banks and others are small independent or niche lenders. The hard decision is knowing which lender is right for your business.
A factoring company or lender can work with any business or government agency in the UK or in a foreign country because all that matters is that your customers are creditworthy.
The best advice we can offer is spend some time on your own researching the UK factoring market and find some factoring companies you like. Meet with each of them to find out which offers the best rates, the highest level of professionalism, and most experience.
Top tips for help choosing which factoring lender is right for your business trading in the UK
- You should observe how the factoring lender does business. Visit the offices of the lender or ask for a reference from an existing customer.
- Review the collection letters and processes of the factoring lender.
- When you visit their offices ask to sit in on collections phone calls the factoring lender makes to investigate the process
- Ask how the factor company lender UK deals with past-due accounts
- As at what point the factoring UK lender turn to a collection agency.
- Is the factoring company a good match for your business
- Factoring companies vary in size and expertise
- Have they got experience in your sector
- Is the factoring lender company likely to give you the level of service you deserve?
- What sizes facilities does the lender offer.
- What is the specialty of the lender?
- What is the billing process of the lender?
- Check all the small print to investigate the legal requirements of the lender..
- Significant experience in your industry.
- Does the lender provide other value added services
- Does the lender company uk offer Electronic submission if invoices.
- Confirm what the turnaround times are. You want to aim for as little as 24 hours
- What hours support is available from the factoring lender company UK.
- How many reps will be supporting your company account?
- How you can resolve any problems that may arise?
- What customer service levels are in place?
3 things to consider regarding company factoring:
- Please note that a factoring company UK will work very close to your business
- Depending on your kind of business you may need a niche lender or even a high street bank.
- Before choosing any lender please note that there are costs involved so this will affect your profit margins.
Which type of company is right for company factoring UK?
Companies from a broad range of industries that sell goods on credit can be right for company factoring UK, include, but are not limited to:
- Distribution company
- Telecommunications company
- Temporary staffing agency company
- Transportation company
- Freight companies company
- Service providing company
- Manufacturing company
- Wholesaling company
- Consulting company
- Security guard service company
The UK factoringhelpline.co.uk is a factoring broker that will help you in making exactly the right choice of lender. When it comes to company factoring in the UK we are here to get the best rates available. Call 0800 597 4757 for advice on exactly which lender is right for your business if your business trades in the UK.
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- Phoenix Companies
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