Invoice finance is a great way to release cash into your business when you have outstanding invoices, instead of having to wait over 30 days for your customers to pay them. More SMEs could be reaping the benefits that invoice finance provides, including greater flexibility, reliability and simplicity. Below, we dispel some of the common misconceptions relating to invoice finance:
Myth 1: It worries and Repels Customers
FACT: In fact, using an invoice finance facility if necessary is good business sense and many businesses use the services. A recent survey from UK Finance revealed that over 35,000 businesses recieved over £12bn in 2020 through Invoice Finance or Asset Based Lending.
Myth 2: Using invoice financing means persisting financial difficulty
FACT: Most businesses these days use some sort of financing method to keep their business operations growing. It’s good business sense to look for a way to fund your company’s needs.
Myth 3: Invoice Finance Contracts usually have over complicated terms
FACT: A common worry for many SMEs is the lack of transparency when it comes to pricing within the terms of a contract. Whist some invoice finance have complex fee structures, others appreciate that onerous and longwinded clauses deflect interest from customers. Our facilities are tailor made to you and your business.
Myth 4: Invoice Finance is for struggling businesses.
This is one of the most common misconceptions. While many businesses utilise invoice finance when they are struggling with cash flow, so do businesses who are in a position of growth. By securing a cash flow facility like invoice finance, this allows businesses to take on new projects and we have seen many clients go from strength to strength in this situation.
To discuss the funding options available to your business. Please do not hesitate to contact us on lynnew@regencyfactors.com and we can arrange contact via Facetime, Zoom or WhatsApp to discuss funding “Face to Face”
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