Cash flow in the manufacturing industry is a major issue. With payment terms of 60 to 120 days, combined with the possibility of late payments, manufacturers could potentially face serious trouble.
This is where invoice finance comes into play, allowing you to regain control of your cash flow.
Rather than you having to wait 60, 90 or possibly 120 days for your customer to pay, you can receive up to 90% of the value of your unpaid invoices. You will usually receive the payment within 48-72 hours.
This solution releases a much needed cash injection to allow you to order materials for new orders, keep your regular payments like rent up to date and continue to grow your business.
Our specialist team will begin by reviewing your debt(s) to assess the likelihood of successful re
There are two main types of invoice finance:
With invoice factoring, the process of making money and getting paid becomes easier than ever. After raising an invoice with your customer, all you have to do is simply send a copy of the invoice to your lender, who will conveniently pay you up to 90% of the invoice amount within 48-72 hours.
When you factor invoices, you don’t have to do much more. The lender will collect the payment from your customer at the arranged date and send over the remaining value that you did not initially receive, minus the pre-arranged fees.
Invoice discounting works in the same way as invoice factoring, however, you maintain responsibility for your credit control. This is sometimes the preferred solution for businesses as your customer will not be aware you are using an invoice finance facility.
Raise your invoice for goods or services and notify lender via their online Invoice Factoring/Discounting system.
Your lender will then transfer the lending balance at the agreed rate, directly into your bank account.
Your lender will then collect payment from your customer at the agreed credit period, for example 30 days later. If you choose invoice discounting, you will be responsible for your credit control and collecting payment.
You’ll receive the balance of the invoice from the lender, minus any agreed fees.
Did you know that My Invoice Finance can also help you with your asset finance requirements? Visit our asset finance page to find out more.
For more information about invoice finance for the manufacturing industry, contact one of our specialists on 0800 009 6106 or hello@myinvoicefinance.co.uk.
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My Invoice Limited is a company registered in England and Wales with Company Number 09257709. Registered office: Highland House Mayflower Close, Chandlers Ford, Eastleigh, Hampshire, SO53 4AR.
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