Afternoon all, what is the best factoring company can you recommend? Thanks

[PATVulture]

Afternoon all, what is the best factoring company can you recommend? Thanks

[29.farrontrid]

None don't do it once your in its very difficult to get out

[PATVulture]

None don't do it once your in its very difficult to get out

i know but need to keep business running waiting 60 days for money.

[FerguMint]

None don't do it once your in its very difficult to get out

i know but need to keep business running waiting 60 days for money.

Change customer or business model,, as it's going to get tougher well before it gets better..... 30 days EOM shouldn't need funding (IMO).....

[VicomnettAsp]

None don't do it once your in its very difficult to get out

i know but need to keep business running waiting 60 days for money.

Don't let them do that to you. The longest you should wait is 28 days. After that you may charge them interest. Best thing to do is find another source of work. 60 days is totally out of order. I the 30years I worked as a self implied haulier nobody took that long. Even big companies like Davies Turner and Blue Water Shipping,, noore than one month. You do not need to work for companies like that, you can afford even a slightly lower rate if paid in good time. Companies like Goldstar will pay you within a month even weekly at a reasonable rate.

[craigRANTT]

I had 2 companies go bust on me and the factoring company was the main reason

[robbHoop10]

I had 2 companies go bust on me and the factoring company was the main reason

why was the factoring company the reason?

[craigRANTT]

I had 2 companies go bust on me and the factoring company was the main reason

why was the factoring company the reason?

taking money out of accounts to early , maybe they work differently now

[IEUANCYPR]

I had 2 companies go bust on me and the factoring company was the main reason

trouble with factoring if the factoring company don't receive payment after 3 months they take the money back then your in the shit

[robbHoop10]

I’ve heard Lloydes bank do a good deal

[AndreNight]

Sell up its a one way street I'm afraid

[FerguMint]

Your margin isn't as big as their *charge*.... Be very aware of these shark's, all that glitters ain't gold

[10micheridd]

Wedo in Oldham, small company. More of a personal feel and good to deal with.

[IEUANCYPR]

Don't bother you'll never get out of factoring
Tighten your belt up for a month and a bit of bread and jam

[mattzPost]

Don't bother you'll never get out of factoring
Tighten your belt up for a month and a bit of bread and jam

Tbh, I think the jam is a bit over the top

[Lee+Hemp]

Don't bother you'll never get out of factoring
Tighten your belt up for a month and a bit of bread and jam

that's easier said than done when your customers wanna pay on 60 days.

[IEUANCYPR]

Don't bother you'll never get out of factoring
Tighten your belt up for a month and a bit of bread and jam

that's easier said than done when your customers wanna pay on 60 days.

well that's very unfortunate .
But when paying for fuel weekly you need paying monthly
I know it's hard to to do but l personally only work for the ones that pay good
And we all have hard times sometimes and after wait for payments which sometimes you can ablige but not all time

[Lee+Hemp]

Don't bother you'll never get out of factoring
Tighten your belt up for a month and a bit of bread and jam

that's easier said than done when your customers wanna pay on 60 days.

well that's very unfortunate .
But when paying for fuel weekly you need paying monthly
I know it's hard to to do but l personally only work for the ones that pay good
And we all have hard times sometimes and after wait for payments which sometimes you can ablige but not all time

my customers pay well, however when they have the same problem, their customer's not paying them for 60 days it's a knock on effect...bring it down to 30 days and we may all get a chance to pay the bills and leave a bit in the pot!!

[IEUANCYPR]

that's easier said than done when your customers wanna pay on 60 days.

well that's very unfortunate .
But when paying for fuel weekly you need paying monthly
I know it's hard to to do but l personally only work for the ones that pay good
And we all have hard times sometimes and after wait for payments which sometimes you can ablige but not all time

my customers pay well, however when they have the same problem, their customer's not paying them for 60 days it's a knock on effect...bring it down to 30 days and we may all get a chance to pay the bills and leave a bit in the pot!!

too right

[gary.stoop]

It's a slippery pole.... You end up giving them your profit.... Got a quote from Skipton.. on the face of it it looked good but the extra charges and disbursements were horrendous... And you never get out of it..

[DBCrossed]

none

[Skinnex_Jr]

DON'T.

[billxNarrative]

If you have to factor pack the job in as they will almost definitely want a directors guarantee have interest and fees applied then wait 60 days for payment I don’t think so

[08karlphreek]

Try Satago selective factoring. You only need to factor the invoices you need funds from. Good if you just need help though cash flow issues.

[Rich.Sublime]

None, they're all gits

[domanGenn]

Been with Lloyds 3 years, cost me £900 a month but I have insured against my customers going under which roughly half

[22stevenomzo]

none mate

[ANDYEasy]

Very little profit in the job for the factoring need to ride out the payment term Iam afraid

[Yalle+Byte]

Never used one

[en_elliss]

I know it seems like the best way out but it really isn’t, the profit margin in haulage really isn’t big enough to pay you and a factoring company and if your profit margin is big enough then you’re doing something very wrong

[kevingree19]

I know it seems like the best way out but it really isn’t, the profit margin in haulage really isn’t big enough to pay you and a factoring company and if your profit margin is big enough then you’re doing something very wrong

first time Ive ever heard somebody tell somebody else that making a good profit is a problem.

[en_elliss]

I know it seems like the best way out but it really isn’t, the profit margin in haulage really isn’t big enough to pay you and a factoring company and if your profit margin is big enough then you’re doing something very wrong

first time Ive ever heard somebody tell somebody else that making a good profit is a problem.

my point was if he’s making a good profit but needs to use a factoring service then he’s doing something wrong. If you’ve a big profit margin then you’re handling your finances all wrong was my point

[kevingree19]

I know it seems like the best way out but it really isn’t, the profit margin in haulage really isn’t big enough to pay you and a factoring company and if your profit margin is big enough then you’re doing something very wrong

first time Ive ever heard somebody tell somebody else that making a good profit is a problem.

my point was if he’s making a good profit but needs to use a factoring service then he’s doing something wrong. If you’ve a big profit margin then you’re handling your finances all wrong was my point

fair comment

[parkwayParkin]

your bank should do it

[DINSTalented]

None don't loose control of your own finance's down hill spirall

[Ward.Major]

None

[sherrJava]

Actually pal...None..

[Lee+Hemp]

Skipton's.
I put my invoice in on Sunday evening I'm paid by Monday midday.
Though you do have to check with the companies you do work for as a lot don't like factoring. It works well for those 60 day invoices.

[rymillon22]

Skipton's.
I put my invoice in on Sunday evening I'm paid by Monday midday.
Though you do have to check with the companies you do work for as a lot don't like factoring. It works well for those 60 day invoices.

we can do all as we act like your credit control.

[HOLDVIEW]

I have great guy that obtained for me great deal. His name is Iain Compare Factoring +44 7842 325046

[HOLDVIEW]

If you wanna grow business and payment terms are long invoice factoring is the only option to stay complaint and manage cash flow.

[kevingree19]

Skipton have been very good for us. Used RBS years ago - not great. Never used Bibbys but I've heard they're appalling.

[rymillon22]

Speak to us, we can do this for you.

[91.valemaca]

NONE,,

[CollinstoPIN]

no mate

[jonathette_11]

Rts Pro

[AllStarFunding]

Although Factoring is a way of funding your invoices there are some variances in the service.

1) Full Factoring - You get paid up front against your invoices and the lender completes the credit control as the lender.
2) Shadow Factoring- same a above but the lender does the credit control control in your business name so looks like an extension of your business.
3) CHOCS Facility - stands for Client Handles Own Credit Control. The lender provides funding only and you as a business complete the credit control.

After this you can look at Full Confidential Facilities which is a relationship between you and the lender only.

Factoring services can be bespoke to your business and you can go from Pay As You Go to Financing every invoice.

Happy to help if anyone needs some assistance. With 20+ years experience we can help all types of businesses.
www.allstarfunding.co.uk