Delayed invoice payments can have a significant impact on a business’s cash flow, and thereby its productivity and future growth. Thankfully, many in the industry have started to develop effective ways to help other businesses stay afloat with invoice finance troubles, offering up to 80% of your invoice value upfront (or higher).
Below are our top 10 invoice companies in the UK:
1. Funding Invoice
Funding Invoice is a service helping business owners to keep on top of their finances, particularly those who are struggling with delayed invoice payments. The invoice finance company does this by providing small loans to business with delayed invoice payments. The loan amount given to the business will correspond with value of the delayed invoice, with Funding Invoice taking a small percentage fee from these invoices once paid through.
As the company is aimed primarily at helping small businesses who struggle to keep up when an invoice payment is delayed, the fee charged by Funding Invoice is a significantly small amount. Funding Invoice allows businesses to apply of any sum of money, with a range of 70 to 85% of the invoice being covered by the invoice finance providers upfront. Invoice Finance has made a significant impact on businesses throughout the UK seeking financial support.
2. Close Brothers
Close Brothers is a leading UK finance company that is a modern merchant bank who caters their services to their customer’s needs. Close Brothers Group of businesses are all within the finance sector and they state that their business is underpinned by traditional values and ethical approach to lending. They are ranked one of highest rated banks in the UK based on Moody’s bank ratings.
They offer a range of invoice financing services which include invoice factoring, invoice discounting and asset-based lending to support businesses to unlock the capital that is tied up in their sales invoices and assets.
3. Market Invoice
Market Invoice offers two types of invoice financing which are contract finance and invoice discounting. Contract finance allows you to release the value of your contracts through their online bidding system which can offer some of the value of the contract within 24 hours or the same day.
Market Invoice’s invoice discounting services offers a range of solutions that offer different contract lengths which include selective invoice discounting for one-off or occasional services with a choice of no contract or 12-month contract. Invoice discounting will give you access to up to 90% of your invoice values quickly and you can monitor your services through their online portal.
4. Bibby Financial Services
Bibby Financial Services has a range of invoice finance services which include Forward Finance that is designed to help new and small businesses that need funding to help them develop and grow. To be eligible for Forward Finance your business needs to have a turnover under £300,000.
Bibby Financial Services also offers invoice factoring and invoice discounting. These invoice finance services are suited to small businesses that have customers with longer payment terms that need to plug a cashflow funding gap. These services can release up to 90% of the invoice value within five days of your initial application and within 24 hours once set up.
5. Innovation Finance
Innovation Finance offers a range of invoice finance options which include invoice factoring, invoice discounting and bad debt protection. Their bad debt protection allows you to select either key customer accounts or the whole sales ledger for coverage as part of your invoice finance package.
You can choose between invoice factoring or invoice discounting which offer different services to cater for differing needs. Invoice factoring offers a complete invoice management service where they will manage your sales ledger and collect your unpaid invoices. Invoice discounting is more discrete and lets you retain control of your customer accounts.
6. Ultimate Finance
Ultimate Finance offers invoice finance that can be flexible to your business needs. They offer full sales ledger management where they manage the collection of payments from your customers. Ultimate Finance services generally involve them contacting your customers to collect payments but if you want the service to remain unknown then they can offer a confidential service.
Ultimate Finance charges a service fee and a discount fee which is like an interest rate fee. They offer a no-contract service at competitive prices which allows you to access up to 95% of your invoice values.
7. IGF Invoice Finance
IGF Invoice Finance is a financial services provider that offers working capital solutions to assist small to medium-sized business to accelerate their growth. They offer invoice finance and asset-based finance solutions that are tailored financial solutions to suit their clients’ needs.
IGF invoice finance solutions offer both invoice factoring and invoice discounting services that provide up to 90% of the value of your unpaid invoices at the point you raise your invoices. IGF‘s invoice factoring service gives its customers access to funding and also assists them by taking over their credit management and collecting their payments. Invoice discounting is more discrete and the clients retain control of their accounts.
8. Nucleus Comercial Finance
Nucleus Commercial Finance is a financial services business that provides a wide range of products which include invoice finance, cash flow finance, business cash advance, asset-based lending, and construction finance.
Nucleus Commercial Finance’s invoice finance offering includes invoice discounting. Their invoice discounting service releases funds that are tied up in unpaid invoices and allows you retain control of your customer accounts and payment collection. They offer to release up to 100% of the funding tied up in your unpaid invoices of a value between £100,000 and £50 million. Nucleus charges a percentage on the transaction that varies depending on your agreement.
9. Catalyst Finance
Catalyst Finance is a smaller financial services provider who offers services that target small to medium businesses and was set up to specifically cater for this sector and their need to access finance for short periods of time to help cash flow. They aim to provide financial solutions that enable SMEs to access funding when needed, quickly, pay only for the period that they borrow the money for, without signing up to long-term contracts.
Catalyst Finance’s invoice finance solution offers invoice discounting service that can be confidential if required but either way you will retain control of your credit control and customer accounts.
10. Positive Cashflow Finance
Positive Cashflow Finance is an experienced financial services business that is part of 1pm plc. They offer a full range of financial solutions which include business loans, bridging finance, commercial mortgages, invoice finance, vehicle and asset finance. Positive Cashflow Finance’s solutions cater for smaller business, new business start-ups, and established larger businesses.
Positive Cashflow Finance offers two invoice finance solutions which are invoice factoring and invoice discounting. Their invoice factoring service is called disclosed invoice finance which also offers comprehensive credit control service. Their invoice discounting service provides a confidential service that allows you to stay in control of your customers’ accounts and credit control.