FAQs2020-05-21T11:39:09+01:00
Who is Single Invoice Finance Ltd? Are you a bank?2020-05-12T00:30:43+01:00

Single Invoice Finance Ltd is not a bank. It has been formed and funded by a group of private individuals who understand the business finance needs of SMEs.

What is the difference between single invoice finance and selective invoice finance?2020-05-12T00:30:50+01:00

Single invoice finance, selective invoice finance and spot factoring are all one and the same product.

What is the difference between single invoice finance and factoring/invoice discounting?2020-05-12T00:30:56+01:00

Single invoice finance is a short-term finance tool that provides finance against the purchase of one or more receivables (invoices). Choose to sell either individual or multiple invoices. Choose when to sell them and how much you want to raise from them.

Factoring/invoice discounting works over a longer-term agreement. Here the invoice financier provides finance against the purchases of a company’s full sales ledger. A factoring company will also carry out a company’s invoice collections.

How does single invoice finance work?2020-05-12T00:31:02+01:00

Like a standard invoice finance facility, when you raise an invoice you send one copy to your client and one copy to Single Invoice Finance Limited. Upon receipt of your invoice, Single Invoice Finance Limited will provide you with up to 85% of the value of the invoice within 24 hours.

If the invoice has already been sent we will ask you to sign a payment notice for your customer.

Single Invoice Finance buys invoices above £10,000. However you can choose to group invoices together.

When your customer pays your invoice, Single Invoice Finance will immediately pay you the outstanding balance.

It’s as simple as that!

Factoring/invoice discounting is renowned for being limited to certain sectors. Does single invoice finance have the same restrictions?2020-05-12T00:31:07+01:00

No. single invoice finance is available for virtually every industry or service sector, for limited companies and partnerships, for established companies start-ups and phoenix companies.

Will my customers know that invoices have been assigned to Single Invoice Finance Ltd?2020-05-12T00:31:12+01:00

Yes. You will be asked to add a note to your invoices, notifying customers of the assignment, so that your customers are clear about who they should pay the invoice balance to.

Will I be tied into a contract?2020-05-12T00:32:36+01:00

No. Single invoice is a form of short-term finance. Once you join, your facility will remain in place for 12 months, so you can access it as and when you have a working capital requirement.

What security do you require from your clients?2020-05-12T00:33:00+01:00

Single Invoice Finance Ltd will take a debenture over your invoices (a certificate of indebtedness).

Will I be able to obtain business finance from other lenders as well?2020-05-12T00:33:28+01:00

Yes. As an asset based lender, Single Invoice Finance Ltd is in the business of buying invoices as opposed to lending money. Therefore your single invoice finance facility will not impact other service arrangements.

How much does it cost?2020-05-12T00:34:02+01:00

Single invoice finance is simple and cost effective. You will be charged a one off set up fee and then a charge for each day of use. Your actual rate will vary upwards or downwards depending on the credit quality of the customer and the invoice, and whether or not it is protected against bad debt. Contact Single Invoice Finance Ltd for a quote.

What documents do you need to be signed?2020-05-12T00:34:51+01:00

Simply fill in and submit the online application form.

Before you accept this product, you will be put in touch with an Account Executive who will explain how the product works in detail. You will be pleased to know that Single Invoice Finance Limited’s agreements are written in plain English.

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