Any business owner acquainted with invoicing will be well accustomed with the often frustrating waiting times involved with receiving payment. Invoices can take between 30-120 days to be paid, which could leave you with fewer options for your business due to having a lack of funds.
Invoice finance involves a lender forwarding you a percentage of the invoice value, minus their fee. The rest is then paid once the client has paid, and so invoice finance is an effective solution to the onerous payment waiting times. Here are some of the advantages of using an invoice finance broker.
In Depth Comparisons
Invoice finance brokers like Touch Financial specialise in pulling together a number of different invoice finance providers based on your query. By doing this, brokers allow you to easily compare the various different types of lender available to you, and help you identify which would best suit your business.
Once you have a good idea of the various options on offer, you can make an informed decision, and you won’t have to spend hours manually trawling through a multitude of websites.
Avoid Unnecessary Charges
Although similar in the services they offer, many invoice finance lenders differ in their price and any additional charges which they may include in their service. Using a broker helps to highlight these charges, which are often included in the small print of the agreement between business and lender.
By avoiding paying unnecessary charges (through choosing the wrong provider for your business) you can ultimately take home more profits, and keep your business watertight. Brokers can help you to save a great deal of time and effort, and prevent you needlessly frittering away cash on an unfit provider.
Once you have found the ideal invoice finance provider through your broker, you can then expect to see your business’s growth accelerate (provided you reinvest the funds from the lender wisely). By being able to take on more clients and finance more operations, money will come in at a faster rate, allowing you to maximise your business’s potential.
With this accelerated growth, your business has the chance to prosper, and potentially expand in the future.
Using invoice finance brokers is not a necessity when looking for invoice solutions, but they can make the process quicker and more transparent. Be sure to spend time comparing each lender in depth, and use all the information the broker offers you to inform your decision.