Would you take a short gig with long payment terms during this period?

[eek]

Is invoice factoring worth considering?

It does not solve the risk issue - factoring gets you the money early but if the agency goes bankrupt you will need to pay the factoring company back

[ladymuck]

It does not solve the risk issue - factoring gets you the money early but if the agency goes bankrupt you will need to pay the factoring company back

Not if you then go bankrupt

[Old Greg]

Protect yourself | IPSE

10k business interruption insurance.

[Old Greg]

Protect yourself | IPSE

10k business interruption insurance.

[SussexSeagull]

30 day terms are fairly standard now so yes I would take it.

[eek]

Protect yourself | IPSE

10k business interruption insurance.

IPSE even now offer "up to £2,500 if your umbrella company goes bankrupt or into administration." so they know their new market place.

[vwdan]

30 days? Wouldn't think twice to be honest - loads of mine have been 30 - 45 days

[Lance]

Is invoice factoring worth considering?

no.

They claw back the money if payment never comes.
They also will have a percent of ALL your business. Factoring only helps cashflow. It's not protection against bad debt,

[eek]

no.

They claw back the money if payment never comes.
They also will have a percent of ALL your business. Factoring only helps cashflow. It's not protection against bad debt,

That does depend on the factoring company you use - most will insist on factoring everything, the ones we plan to use don't.

[CheeseSlice]

Isn't factoring something these small agents should be using, not the one-man-band contractor?

I'd check the basics on companies house...

filing history, anything outstanding or overdue, including historical
unsatisfied charges that are secured against company assets
gazette notices, past and present
last 3 years P&L, balance sheets, looking for anything suspect
current directors, and other businesses they're involved in, particularly any that have been closed down.