Remarkably, factoring can provide both a short term and longer term solution to small businesses during economically challenging times like these. It’s fast and efficient and unlike a loan, it does not appear on the balance sheet. Invoice factoring is simply a “use it as you need it” service today.
Invoice factoring is basically a ? use it as you need it funding option, therefore every invoice purchase is a separate transaction and does not form part of a portfolio lending approach. The transaction is modeled as a buy-sell transaction, and the process includes:
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Due Diligence – Once approached by a prospective client, IFG undertakes a thorough due diligence program that typically takes about 24 to 48 hours.
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Review Invoices – Once the due diligence is completed, the client is at liberty to offer invoices to IFG for purchase.
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Credit Verification – Upon receipt of the invoices, IFG will check the credit of the debtor named on each invoice and make sure the sale represented by each invoice has been satisfactorily complete.
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Debtors Notification – Once credit has been verified, each debtor is notified of the purchase by IFG and the client is paid for the invoices.
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Debtor Payments – At the end of the credit period the debtor will make payment directly to IFG thus completing the transaction.
One of the key issues for invoice finance clients is that they often only see it as being for the short term rather than taking a long term view. The products release the cash that is tied up in sales invoices immediately so the funding grows in line with the volume of invoices – this is an ongoing cash flow benefit rather than one to be used for a short term purpose. Using invoice finance over the longer term also helps justify any set up effort that is required.
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