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

[WTFH]

I think these guys sum it up best:

As others have said you won't find a company willing to buy an unpaid invoice and factoring/invoice financing only covers "good" debt that is paid relatively swiftly.

[FarmerPalmer]

Make a court claim for money - GOV.UK

Contractor late payment letters: debt recovery free templates

[BR14]

Lance, I'm not looking for your business advice, it was a simple question put to the forum.
"They are there to help cash flow". Exactly. Cashflow/Liquidity.

Stop the presumptions, 'none' doesn't help , kindly f_koff out out the thread and stop wasting my time.

stroppy bugger, aren't you?
maybe You should desist from wasting people's time.
I wish this was in General

[northernladuk]

There is no such thing as refactoring.

Safe Collections work in the debt industry and they said no one will do it in the last thread you raised about it so I'm pretty sure some random contractors won't be able to help you.

We could discuss the amount of only 400 as well.... But it's pointless.

[johndc31]

None of them.
The only reason to use them is cash flow. If someone won’t pay factoring doesn’t help as they’re not debt collectors.
Agencies won’t pay them anyway.
They are there to help cash flow. If you’re a contractor then cash flow isn’t a problem as you don’t have debts.

If you’re not a contractor ( you’re a tin shifter with debts) they are sort of useful but this isn’t the correct forum.

Lance, I'm not looking for your business advice, it was a simple question put to the forum.
"They are there to help cash flow". Exactly. Cashflow/Liquidity.

Stop the presumptions, 'none' doesn't help , kindly f_koff out out the thread and stop wasting my time.

[Lance]

You asked the same question ages ago. The answer is still the same.

[Lance]

None of them.
The only reason to use them is cash flow. If someone won’t pay factoring doesn’t help as they’re not debt collectors.
Agencies won’t pay them anyway.
They are there to help cash flow. If you’re a contractor then cash flow isn’t a problem as you don’t have debts.

If you’re not a contractor ( you’re a tin shifter with debts) they are sort of useful but this isn’t the correct forum.

[johndc31]

You’ve still not been paid?

https://www.contractoruk.com/forums/...factoring.html

That link is more debt collection mate, not invoice refactoring. I'm looking for invoice refactoring services.

[MrButton]

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

You’ve still not been paid?

https://www.contractoruk.com/forums/...factoring.html

[johndc31]

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