Factoring in Edinburgh is worth considering for any firm that is in search of finance. Using invoice factoring, Edinburgh firms get the most out of their assets and quickly and easily improve their cash flow. It is a great alternative way to get the money needed to expand, the use of which is on the increase.
This relatively new form of financing allows firms to borrow money using what their customers owe them as collateral. In other words, their invoices are used as security for their loan. When clients pay their invoices, the money borrowed is paid back.
The advantages of invoice factoring
There are several advantages to using this kind of financing. Firstly, the decision is usually quick far quicker than the decision process from other financial institutions. It does not matter what a firm needs the money for and there is no need to present a business plan to get finance this way.
Initially, quite a few checks are carried out by the firm providing the factoring finance. However, after the first time, the process of securing further loans is often even quicker.
Who can use factoring?
Practically any kind of profitable firm can use factoring. It is a form of financing that is available even to relatively new firms. Factoring allows Edinburgh firms of all kinds to stop worrying about where the money they need to grow their business is going to come from.
Unsurprisingly, the use of factoring amongst Edinburgh firms is growing. To find out more about how it can help a firm, business owners can contact us today.