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New Business Factoring

 
29th December 2014
 

stopwatch-300x129-15-I1.png As a small business starting out it is very important to get the correct facility in place which will help your business grow without ties. Invoice finance can be a mine field especially if you are trying to work out costs. Many companies offer bespoke facilities for new start-ups but which one is good for you?

Watch out for the following:

  • Refactoring Fees
  • Minimum Charges Per Month
  • Admin Fees
  • Audit Fees
  • Contract Term
  • Termination Clauses and Fees
What may seem a competitive quote can soon be the hole at the bottom of the ship.

Ideally a new business would want a flat rate facility which a few lenders do provide. These are quite transparent and can help you plan for all costs that may be incured. Normally they are a little more expensive than a straight factoring facility but can save you money in the long run depending on what type of business you are in.

The strength of your customer can also play an important part on which facility would be most suitable for your business. If you happen to land a big contract with a reputable company then the chances of getting a better deal increase rapidly! If you are after more advice and looking to start up your own business then please feel free to get intouch!


 

 

 

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