Tips For an Easy Invoice Finance Application
- Rachel Craft
- Apr 29, 2019
- 2 min read
Every day, business owners tackle the challenge of managing their company's cashflow. More and more, they're turning to invoice finance as a reliable option when banks say no to loans or overdrafts
If you're thinking about invoice finance, it’s smart to get ready ahead of time. Save yourself time and cash by checking out these five tips before completing your invoice finance application:
The Invoice Finance Application Form
The first step in the process is helps us get to know your company. We'll need information from you, such as the below:
Company name
Director and shareholder full names (including middle names)
Type of Business
Your debtors - who owes you money
Your creditors - who you owe money to
A signature so we can proceed with our ID checks.
Aged Debtors Reports
An aged debtor report is a list that shows all the unpaid invoices your customers owe you, sorted by how long they’ve been due (like 0-30 days, 31-60 days, 61-90 days, or over 90 days). It’s a great tool for keeping tabs on late payments and managing your cashflow, so we can get a clear picture of what is owed to your business.
Keep good documentation
It is essential to have business documents such as signed customer contracts, purchase orders, and customer information at the ready to back up your invoices and expedite the application process . Moreover, ensure your contracts and paperwork aren’t missing important details. Make sure your documents are accurate and include both first and last names of all contacts, along with other relevant contact information.
Be on the same page as your customers
You need to make sure your customers are in agreement about the services or products on the invoices you submit for factoring. If customers do not verify an invoice you submit for factoring, the factoring company can reject it. Invoice finance companies pay attention to your customer relations. They want to see that the company is on good terms with its customer base.
Following these tips before you submit your application can help you get the answers you need from the factoring company you have applied to. Prove your company is a good fit by doing everything in your power to look good on your application form.
To discuss the funding options available to your business. Please do not hesitate to contact us on 0161 280 4220 or lynnew@regencyfactors.com
