There are two types of companies that you can get invoices from. High street banks that offer factoring services, or specialized invoice factoring UK.
Best UK banks for invoice factoring services:
- Lloyds TSB factoring service is available for businesses that have an annual turnover of at least £50,000. It is best suitable for start-ups or businesses on the rise. They offer a 6 month trial with no obligations.
- RBS has been named the Invoice Bank of the Year in a 2012 poll. They are one of the largest UK’s invoice finance companies, and among the most trusted, offering a beneficial tie between invoice finance and business banking.
- Barclays focuses their invoicing services usually on companies with credit sales of at least £100,000 a year. They work with a wide range of enterprises like distributers, employment agencies and transport firms.
- HSBC services are offered to medium and large businesses that usually have a turnover of £250,000 per year and provide packages that have credit protection, online account management, no hidden charges and international factoring.
Best specialized companies in UK:
- GE Commercial Finance has a wide variety of finance options. This wide industry specialization can really help get the most out of the factoring contract. It surely makes your asset work for you. They have a global presence and dedicated client managers.
- SME Invoice Finance is a specialist invoice company that focuses on helping small businesses. Their packages are designed with the customer first in mind and they pride themselves on independent advice and customer service.
- Touch Financial is the largest invoice finance broker in the UK. They work with a range of high street banks and specialist lenders such as RBS, Lloyds TBS, Bibby, Aldemore, etc. to find the most suitable rates for their customers. They also offer a trial service for 30 days, low interest rates, a large range of customers and a whole range of other financial services
- Bibby Financial Services are the UK’s largest independent invoice factoring. They offer 85% return on the money that’s tied up in outstanding services. They also offer debt chasing, sales ledger management and credit control. Their sales ledger management can be kept completely confidential. They also help with debt overseas, known as international factoring, as well as bespoke packages for industries.
- Hitachi Capital is an award winning invoice factoring company for small and medium sized UK businesses. They offer easy to understand solutions for problems with cash flow. They have a good customer support, trial periods and they focus on friendly service.