Four Steps to Better cashflow
The real value of many businesses is often tied up in stock and unpaid invoices.
This can have an adverse impact on cash flow and place restrictions on a business's ability to grow. Here we outline how Invoice Finance can help in four easy stages.
1. Approval
To help you avoid late payment or bad debts, RBS Invoice Finance will approve any new customers and advise if they are capable of paying for your goods or services. We use up to six sources of information to assess your customers and recommend sensible trading limits. In the majority of cases, the limits are approved quickly - usually within 48 hours - and you can make unlimited enquiries for customers in the uK and abroad. You can also make requests for approval online 24 hours a day, seven days a week.
2. Funding
Invoice Finance is designed to make funds available quickly from the sales you make. Put simply, for a charge, the service lets you draw up to 90% of the value of your invoices as soon as they are received by our systems, and the remaining 10% once your customer has settled the invoice in full. Interest on any advance payments is charged on a daily basis and is linked to UK base rates.
3. Credit Control
Some customers choose to only use our approval and funding services, but where ou rservices really comes into its own, is to help chase payment of invoices. Getting paid quickly increases your cash flow and gives your business flexibility. We have a 60-strong team of credit controllers who can track wheat has and hasn't been paid and can speed up payment on your behalf. We can also use legal services in the event that customers delay payment.
4. Protection
While you always hope your invoices will be paid fully, there is a risk - particularly in the current climate - that yoiur customers may not be able to pay. Some businesses can absorb small bad debts if their sales are well spread, but it helps to be protected. Our dedicated team keeps close to your customers and can protect you from bad debts. This could extend to 100% of any loss in the event of formal insolvency of your customer.
For more information call the Chamber on 0116 2471800 and our membership team will ensure that an advisor calls to explain how your company could benefit.
Chamber Invoice Finance provides credit management solutions including help getting paid and protection from bad debt including from overseas territories.
Chamber Invoice Finance working with RBS Invoice Finance to provide Chamber members with a comprehensive sales funding and credit management solution which includes protection from bad debts.
Does your business:
- Spend time chasing customers for payment and running its sales ledger?
- Worry about approving new customers or paying for costly credit referencing?
- Have difficulty getting paid in environments with language barriers and different cultures?
- Wish you had protection from bad debts which could hit profitability or even threaten the survival of your business?
- Think about exporting but are uncertain about being paid for sales to distant territories?
If you answered yes to the above, wouldn’t it be great to have:
- One simple finance package that combines credit approval of new customers, credit control and protection from bad debts.
- Cash for your business as soon as you issue the sales invoice in sterling as well as other major currencies
- Credit approval of new customers and protection from bad debts
- Finance and protection for exports as well as sales in the UK
- A service delivered by UK based relationship managers and support teams, backed up by a single electronic platform
- The support of a major global bank with preferential rates for Chamber members
For more information on this service call the Chamber on 0116 2471800 and our membership team will ensure that an advisor calls you to explain how your company could benefit.
