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• 22 Apr

  Find Funding For A Car Repairer Working For Insurance Companies

  Insurance company invoices for car repairs are able to fund at 100% of their face value (less a fee to use the service). I have reported previously about what a simple version of receivables financing crash repairs can be which is often referred to as bodyshop factoring. We have been able to assist numerous car repair companies within the sector, and we have just assisted another customer.

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  Finding Funding For Car Repairs Billed To Insurance Companies

  This particular customer was turning over £400K per annum and wanted quick turnaround funding against some invoices for crash repairs, that were billed to insurance companies. This is because when you have an accident and your insurer approves your claim, they will be the party that pays the garage for your repairs to be completed.

  However, the insurer can take time to pay the invoice, so body shops often want to get access to that unpaid cash immediately in the form of a prepayment against their credit invoices.

  Quick Funding

  We helped arranged a facility for them that will release funding against such invoices, as they are raised. Our record for arranging car crash repair funding is just 7 hours, so it can be put in place very quickly.

  The other benefit is that customers have no lock in to ever use the facility again. They can decide if they want to get funding for each transaction. Therefore, the only thing that keeps them coming back is the fact that they benefit from the finance, there are no minimums or restrictive contracts to stop them from leaving the factoring company.

  Another example of how we can help car crash repair body shops access working capital.

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  Further Related Information

  Below is some further reading about this product, and related information, that you may be interested in:

  • Testimonial: 5 Star Rating From A Car Body Shop. This testimonial demonstrates how positively this product is perceived by the customers that use it.
    
    
  • Article: How Body Shop Factoring Works. A detailed explanation of the way that this service operates, and an indication of the costs. Note that the costs will be particular to your company - we can find out these prices for you.
    
    
  • Article: Funding Self Insure And Accident Management Company Invoices. An explanation of some more niche types of accident-related invoices that we are able to help you get funded.

  By Glenn Blackman