Factoring companies in the UK can be divided into two categories; high street banks offering business factoring services and specialist providers. Major UK banks offering factoring and invoice services include Barclays, HSBC, RBS and Lloyds TSB (and it is worth noting that you are not tied into using your regular bank for factoring facilities). The top specialist factoring service providers in the UK are GE Commercial Finance, Touch Financial, Hitachi Capital, Bibby Financial Services and SME Invoice Finance Ltd. As with all business and financial decisions, it is crucial to shop around to find the right provider and the right deal for your needs.
- Are there any risks or inconveniences to factoring?
- What criteria should I consider before choosing a factor?
- How do I assess the quality of factoring companies?
- Must I work with a factor in my location or can I work with one in another city?
- When does it make sense to use invoice discounting rather than factoring?
- Should I use factoring or a bank overdraft?