Invoice Discounting in Northern Ireland

belfastBusinesses in Northern Ireland can benefit from using invoice discounting to support their cash flow. By using invoice discounting or other forms of invoice finance businesses can release up to 90% of the cash tied up in their unpaid invoices.

It is however important that businesses understand their options.

What are your options?

Well in terms of invoice finance, you have the choice of either invoice discounting or invoice factoring. Invoice discounting supplies just the finance against the invoices whereas factoring includes a credit control service. Lenders perceive factoring as being lower risk and as such it is typically more readily available. In terms of the impact on your cash flow both products offer the same benefit.

In terms of lenders it is fair to say that businesses in Northern Ireland do not enjoy the same choice as the rest of the UK. However, there is still a reasonable choice of lenders so a suitable solution should still be available to you.

Invoice Finance lenders in Northern Ireland

There are obviously the local banks and their invoice finance arms but from our experiences these lenders do not seem to be particularly active As such we are typically using independent invoice finance providers which is no bad thing given some of the service levels provided by banks. Your choices are probably best described as follows:

Independent providers based in Northern Ireland – we have some excellent providers based in Northern Ireland. They are mostly Belfast based and understand the area incredibly well. Their local knowledge means they understand the local business environment and the challenges that businesses in Northern Ireland face.

Independent providers based on the UK mainland – we have some excellent invoice factoring companies who are very happy to support businesses in Northern Ireland. The facility is operated online so geography is not an issue and they regularly visit clients in Northern Ireland. This is a solution we have implemented many times and the clients are happy with service levels and the support they receive. In today’s world we don’t think that geography should be an issue.

Independent providers from Eire – we are also delighted to have lenders based in Eire who are very happy to support businesses in Northern Ireland so if you would prefer to have your relationship managed in Dublin this is easily arranged. Again this is something we have set up many times and there are no issues in service delivery or operation of the invoice finance facility.

How to proceed?

If you are looking for a suitable invoice discounting facility for your business why not get in touch today. Feel free to use our online quotation tool which will give you indicative terms so you can assess potential costs. Alternatively contact us on 0845 251 4040 or finance@fundingsolutions.co.uk

We will work with you to understand your business and its requirements. From there we will ensure any facility is structured to meet your needs and we will also explain the cost structure so you know how much your invoice discounting facility is going to cost. This will allow you to weigh up both the costs and the benefits. The end result surely has to be increased profits?


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