Skipton Invoice Finance, a division of the Skipton Building Society, offers a comprehensive suite of working capital solutions designed to help businesses unlock cash tied up in unpaid invoices. They specialize in providing invoice finance facilities that empower businesses to improve their cash flow, fuel growth, and manage operational expenses more effectively.
At its core, invoice finance from Skipton allows businesses to receive immediate access to a significant portion of the value of their outstanding invoices, typically up to 90%. This instant cash injection can be crucial for meeting short-term obligations like supplier payments, payroll, and investment in new opportunities. Instead of waiting the standard 30, 60, or even 90 days for customers to pay, businesses can access funds almost immediately after raising an invoice.
Skipton offers two primary types of invoice finance: invoice discounting and invoice factoring. Invoice discounting is a confidential service where the business retains control of its credit control and invoice collection processes. Customers remain unaware that the business is using invoice finance. This option is often preferred by businesses with established credit control procedures and a strong relationship with their customers.
Invoice factoring, on the other hand, involves Skipton taking on the responsibility of credit control and invoice collection. While this might sound like a loss of control, it can be beneficial for businesses that lack the resources or expertise to manage their debtor ledger effectively. Skipton’s team will handle chasing payments, freeing up the business to focus on its core activities. This option also includes credit protection against bad debt, providing an added layer of security.
The benefits of using Skipton Invoice Finance are numerous. Improved cash flow is the most immediate advantage, allowing businesses to avoid late payment penalties, take advantage of early payment discounts from suppliers, and invest in expansion plans. By freeing up working capital, businesses can also strengthen their relationships with suppliers and customers.
Furthermore, invoice finance can be a more flexible and accessible alternative to traditional bank loans, particularly for growing businesses that may not yet have the established credit history or asset base required for conventional lending. The amount of funding available grows in line with sales, providing a scalable source of working capital.
Skipton differentiates itself through its reputation as a reliable and established financial institution, backed by the stability of the Skipton Building Society. They offer a personalized service, working closely with businesses to understand their specific needs and tailor a solution that meets their requirements. With a commitment to transparency and customer service, Skipton Invoice Finance aims to be a trusted partner for businesses seeking to optimize their cash flow and achieve their growth objectives.
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