These are challenges many businesses face on a daily basis, and invoice management can be a huge strain on small business financing.
In a survey from Dun & Bradstreet, 48% of UK SMEs say that overdue payments put their business at risk of failure. With the average amount owed in late payments increasing by nearly 25% over the 12 month period.
Whatever the reason, invoice financing (also referred to as financial factoring) is a sure way of getting your outstanding invoices paid in a matter of just 24 hours. So you can focus on operating and reinvesting in your business.
So, what is invoice financing?
In a nutshell, it is a type of debtor finance where you sell your accounts receivable for immediate cash.
At Grenke, we take on your collections (factoring receivables) and release your invoice funds directly to you. Alleviating the pressure and issues that invoice chasing and delays can cause.
Why use invoice financing?
There are many reasons you may need to release funds into your business, and increase your cash flow.
Here are some benefits of invoice financing;
- You will be acting independently of banks and investors
- Allowing you the ability to offer more favourable credit terms to your customers
- Whilst also protecting your business from bad debt
At Grenke, our risk free and convenient approach ensures you spend more time focusing on what’s important, the stability of your business.
And now for the how…
In just four simple steps!
- Decide which invoices and pre-financing you need, creating a master agreement
- Transfer all accounts receivable
- You get the payment within 24 hours
- We take on the receivable management for you, including credit checks, invoice pre-financing, dunning and assumption of the risk of default following a positive credit check.
Calculate your invoice financing costs now, after all it is a great day to get paid!