To find the best factoring rates it’s usually necessary to use the professional services of finance brokers. These have the expertise and the connections necessary to help you.
1 – Use niche factoring companies
When it comes to factoring, there are many independent niche factoring companies operating in specific sectors. These factoring companies not only offer extremely attractive rates for businesses in their sector, but also know the procedures and problems prevalent in that industry, and thus can offer more specialised services.
2 – Consider talking to an independent finance broker like Compare The Financial Markets
Trying to find the best factoring rates on your own, by looking directly at factoring companies, is time consuming, and often ineffective. There are at least 50 factoring companies in the UK.
3 – Don’t disregard small factoring companies
Some small factoring companies can offer much more attractive factoring rates than their larger counterparts as the former have to struggle to stay in business in a sector that’s increasingly competitive. A good broker can help you discover transparent small factoring companies that will live up to their promises.
4 – Take your time with the research
Brokers will tell you that, generally, the more time you are willing to invest in the search for the best factoring rates, the more likely you are to find a deal with excellent terms.
5 – Use conventional as well as online brokers
Conventional brokers know all the local factoring companies, while online ones tend to know the factoring companies that offer the best deals at the moment. By using the combined power of conventional and online brokers you have more chances to find excellent factoring rates.
Looking for best invoice discounting rates is not enough when searching for an invoice discounting company – hidden fees and other charges also need to be considered.
In conclusion, pick a good broker who has been recommended to get the best factoring rates for your business.