Selective Invoice Factoring goes by many names:
- Spot Factoring
- Selective Invoice Finance
- Single Invoice Factoring
Whatever name you choose, Selective Invoice Finance basically gives you the option to choose which invoices you submit to the factoring company to be financed.
![factoring flow chart](https://factoringbroker.co.uk/wp-content/uploads/2021/02/Factoring-Flowchart-6-1024x267.jpg)
Advantages of Selective Invoice Factoring
The advantages of this facility are that it may:
Save you money on factoring fees
Only pay for the funding you need, rather than finance all your book debts
Be a solution for a non factorable business
Some businesses are difficult to fund on a traditional factoring facility, due to contract work etc. However, Selective Invoice Finance may be a solution.
Quick and easy to set up
Some facilities can be used on an adhoc basis and may not take so long to arrange. As a result, cash may be released into your business quickly.
How Can It Help My Business?
Depending on the lender and their credit criteria, this facility can be very useful for new start businesses. The reason for this is that they have a very limited credit history. Primarily the lender will be looking at the creditworthiness of the debtor when they make their funding decision.
With the widespread use of online invoice uploading, invoices can be uploaded directly to the lender. They are then able to approve the invoice and make the agreed level of funding available quickly.
Often there are no long term contracts or long notice periods with these facilities. As a consequence, you are able to make the most of funding opportunities when you need them. However, when the need reduces you will not be tied in.
There’s only a small number of factoring companies who provide Selective Invoice Factoring facilities. We have contacts with the most of these lenders. This allows us to quickly appraise your suitability and introduce you to them.
To find out whether Selective Invoice Factoring can help improve the cashflow of your business, please get in touch.