Invoice Refactoring

[oilboil]

Can any of you guys recommend any invoice refactoring companies you've used before?
thanks

What are you trying to achieve with this refactor of the invoice?

1) Get paid for an invoice that is currently proving sticky to get through the payments process
2) Speed up time to cash from invoice to getting money in your bank

If it's (1) then no factoring company will be interested - they don't want hard work - they just want to earn commission - they make money on lending money to people who need it quicker than they would otherwise get it (in this regard they are very similar to QuickQuid and other payday loans)

If it's (2) then there are some considerations to take into account

1) Most factoring companies require a minimum 12 month term - i.e. you factor all invoices through them for a year

2) (%ages are example) They accept your invoice and give you 80% of the cash up front; the remaining 20% is 15% to you on payment from client to them and 5% commission


So you can see that for a whole year your will be taking a 5% drop in income to get your hands on some cash quicker - it would be cheaper to take out a loan for a couple of grand now and pay it pay back in 2/3 months time with money that has started rolling in if liquidity/cashflow is your only issue - alternatively offer the client a 4% discount for paying within 5 days