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• 09 Sep

  Help Getting Invoice Finance Approved

  

  Seeking help getting invoice finance approved? You are reading the right article to help you with that.

  What To Do To Get Your Application Agreed By An Invoice Finance Company

  When you make an application for invoice finance you want to make sure that it gets approved. Sometimes customers delay applying because they are worried that they may be declined. The important thing is to do everything you can to maximise your approval prospects but take action early. Don't wait until you are in trouble before you apply.

  Follow These Steps

  Firstly, you need to decide which invoice finance company, or companies you are going to apply to. With over 100 invoice finance companies in the UK, many options will be driven by the product you want, pricing requirements and your circumstances. Equally, with so many options you could make a random choice, and end up being declined when others may have approved you.

  Consult An Invoice Finance Broker

  Speaking to an invoice finance broker is the best way to ensure that you are speaking to the providers most suited to your business. You can get through the initial part of the application process without having credit searches conducted. Therefore, this will not leave a hard search imprint on your credit score and credit history.

  A broker will also be able to help you maximise your chances of approval success. Call us on 03330 113622 for a confidential chat about your options.

  Address These Aspects Of Your Business And Application

  Previously, we published a piece about How To Make A Successful Factoring Application. The points covered in that article are equally applicable to invoice finance and invoice discounting facility applications. You should go through those points and present your business in the best light.

  Previous Failures And Credit Problems

  Importantly, remember to be upfront and honest in all aspects of your application. You might think that you won't mention your previous bust business, but the funder will find out about it. If you have concealed that fact, it will only create a feeling of distrust. They run checks to look for that type of thing. You will harm your approval chances by not being upfront about such things. Also, some funders specifically help Directors who have had prior business failures or credit problems. Therefore, discuss your situation candidly with your broker, so they can make sure you are introduced to the most appropriate funders.

  Help Getting Invoice Finance Approved

  Frequently, brokers can assist companies that have been turned down for finance elsewhere. Unless you understand the whole of the market, you just won't know where to look for help. An internet search is unlikely to yield the funders that are really able to help. An experienced broker will be able to provide that guidance. Please call us on 03330 113622 for a confidential discussion about how we can help you get your invoice finance application approved.

  By Glenn Blackman