FACTORING FINANCE DEFINITION FULL

The exact nature of the service that you receive will vary from provider, to provider - as will the cost. Some are parts of major high-street banks some are large independent companies and there are also smaller independent providers. There are also differences in the types of provider.

FACTORING FINANCE DEFINITION FULL

Most providers will offer a full range of invoice finance services, rather than just the single service, although some offer only selective or only full sales ledger services. On this site you will find a full list of all the factors in the UK, and links to lists of those based abroad. The companies providing these services are also commonly referred to as 'factors'. It should be noted that people sometimes use the terms interchangeably. These terms also include services where no credit control is provided by the funder, those are called 'invoice discounting' services. It fall within a category of products referred to as 'invoice finance' or 'receivables finance'.

You can find a full list of all the different types of factoring in our article. There are numerous product types that fall under that umbrella terms. The word factoring does not describe a single type of service. The service can be provided against a single invoice (called 'selective' or 'spot'), or the full sales ledger of outstanding invoices. 'A factoring company is an organisation that offers debt factoring services to businesses.ĭebt factoring is the combination of a prepayment against an unpaid sales invoice that was raised on credit terms, and the provision of a credit control service to collect, or assist with collection of the invoice.'

This is our factoring company definition: This page is designed to give easy access to those seeking factoring companies.

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Factoring finance definition