Factors can be independent, or subsidiaries of major banks and financial institutions. Whatever their background, they will want to meet you, visit your business, review your financial situation and study your business plan to evaluate your suitability for a factoring facility.
After signing an agreement, the factor will typically agree to advance up to 80 to 90 per cent of approved invoices. Payment is usually made available within 24 hours. Usually all sales go through the factor. Check the notice period to the end of the service - most factors require three months' notice, but some require longer. Negotiate if you are not happy with the notice period.
Factoring is a complex, long-term agreement. It is advisable to consult your solicitor on the legal and financial implications of factoring.
| COMPARE FACTOING DEALS | ||||||||||
| FACTORING PROVIDER | FACTORING DETAILS | INTEREST RATE | FEE AND CHARGES | FINANCING AREAS | APPLY ONLINE | |||||
|---|---|---|---|---|---|---|---|---|---|---|
Minimum Turnover | Initial Advance | B /Debts Cover | Admin Fee | Default Charges | Export Sales | Sole Traders | Any Business | |||
 | 1 Mn | 80% | Yes | 10% | 1% | 12% | Yes | No | Yes |  |
| We finance up to 80% of your monthly sales figure. Your account can be monitored by your online loging system. | COMPARE MORE | |||||||||
 | 1 Mn | 80% | Yes | 10% | 1% | 12% | Yes | No | Yes | |
| We finance up to 80% of your monthly sales figure. Your account can be monitored by your online loging system. | COMPARE MORE | |||||||||
 | 1 Mn | 80% | Yes | 10% | 1% | 12% | Yes | No | Yes | |
| We finance up to 80% of your monthly sales figure. Your account can be monitored by your online loging system. | COMPARE MORE | |||||||||
 | 1 Mn | 80% | Yes | 10% | 1% | 12% | Yes | No | Yes | |
| We finance up to 80% of your monthly sales figure. Your account can be monitored by your online loging system. | COMPARE MORE | |||||||||
