Invoice finance gives you the time and financial freedom when you need it most. This type of financing allows you to sell your accounts receivable (invoices) and receive immediate cash flow (hence, a cash flow solution).
You access up to 90% of the invoice value in a matter of 24 hours (rather than waiting far beyond the agreed terms).
Next, the collections process begins and a receivables management team collects payment from your debtors, either on time, or maybe with a reminder. The team works professionally and personally with your debtors and aims to secure payment within the set payment terms.
Success, the invoice is paid and the payment is made to GRENKE. You receive the rest of your invoice amount, minus the Fixed Fee agreed and any Variable Fees agreed.
// Fixed Fee - % of the invoice
// Variable Fee - % per day the money we finance is outstanding.
Simple. Maybe not.
Not such a dream solution
There can be a multitude of ‘hiccups’ when it comes to receivables management.
1// Providers use one bank account for many clients. Reconciliations becomes exceptionally hard, which payment, which client, which debtor?
2// Payment delays, misallocations and interruptions on a daily basis.
3// Providers use large customer service centres, your business is just another number. Never speak to the same service person twice, and no personal approach to your business requests.
4// Lack of understanding of SMEs – credit limit may reduce and increase without warning.
Receivables Management, without the admin nightmare
Martin Clarke, Cotswold Panel Products Ltd says, "Our partnership with GRENKE has enabled my business to grow and flourish. Cash flow is positive, experience from my clients is positive and most of all payments are speedy. Their Customer Service is simply excellent.”
Our Account Managers work one-to-one with their clients. Simply pick up the phone to the same person whenever you need to discuss a new invoice, no email unanswered, no call left unreturned.
With GRENKE, not only do you have a dedicated bank account (without any bank account set up fees), your Portal offers full control and transparency over your Customers, Invoices and live payments.
In a recent survey with our clients, 100% (yes, 100%) of our clients said they would recommend us to a friend or colleague.
Our dedicated Account Managers each received 5 Stars for their service. Their service was named as helpful, responsive and friendly. “All requests and issues were handled quickly and effectively.”
Our team offer no stress, no fuss factoring. If you are experiencing any nightmares with your current providers, or would simply just like more time to focus on your business, invoice finance with GRENKE, could help you sleep a little better.