Target Group
Department
I DON'T UNDERSTAND HOW INVOICE FACTORING WORKS
Please see our video which will help explain the concept to you.
HOW DO I DETERMINE THE AMOUNT I RECIEVE?
GRENKE typically advance 90% of the gross invoice value.
WHAT HAPPENS IF MY CUSTOMER DOESN'T PAY?
GRENKE have a bespoke collection service, typically we send out a reminder letter when the invoice is 7 days overdue & 14 days overdue and call them once it is 21 days overdue.
HOW MUCH WILL THIS SERVICE/FACTORING COST?
No more than 2.5% of the gross invoice value.
IS THERE A MINIMUM OR MAXIMUM AMOUNT THAT CAN BE FACTORED?
GRENKE can tailor a package to suit your turnover, although we tend to work with businesses turning over between 200,000 and 10 Million pounds.
CAN I STILL USE FACTORING IF I ONLY ISSUE SMALL INVOICES?
Yes, there is no minimum invoice value.
DO I HAVE TO PASS ALL MY INVOICES TO YOU OR DO YOU JUST HANDLE THE ACCOUNTS THAT I SELECT?
GRENKE do not ask for all of your invoices, giving you flexibility to select which accounts you want to factor. We do ask for all invoices for the debtor we are factoring, however they do not all have to be funded.
HOW DO YOU MAKE SURE THAT YOU DON'T HARM MY RELATIONSHIP WITH MY CLIENTS?
GRENKE take great pride in preserving relationships between you and your clients. Due to this, every one of our customers is given a dedicated Account Manager who is the sole contact for them and also their clients ensuring that the relationship is maintained.
WILL I HAVE TO PAY ANYTHING BACK IF MY CLIENT DOESN'T PAY YOU?
GRENKE offer debt protection which protects you from having to pay back the invoice should your client not pay.
WHAT HAPPENS IF I DON'T WANT YOU TO TAKE MY DEBTOR TO COURT?
GRENKE allow an invoice to go 90 days overdue before any legal action is taken. At this point you are given the opportunity to buy back the invoice to prevent legal action.
CAN THE MONEY YOU ADVANCE BE USED FOR ANYTHING OR JUST TO FINANCE THE INVOICED WORK?
We do not tell you how to spend your money that we advance. We do however monitor your financial information by asking for quarterly management accounts.
HOW DO I KNOW YOU ARE A REPUTABLE COMPANY?
GRENKE were established in 1978 and operate in over 32 countries. We financed nearly 3 billion pounds of new business in 2018 and are listed on the Frankfurt stock exchange.
