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Aldermore Invoice Finance Review

Set up in 2009, Aldermore offer an alternative to the mainstays of the British banking and financial sector. With their client-tailored invoice services encompassing both discounting and factoring, Aldermore provide a range of financial solutions for companies big and small.

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Products and Features

Aldermore Invoice Finance appears to offer a straightforward set of products that belies the depth of features their services can provide. Despite being a relative newcomer, Aldermore have been able to construct a financial resource that is flexible in a way that more established services have not been able to match. Their main services include:

Invoice Discounting

Invoice discounting is a method of jump-starting cash flow by selling your unpaid invoices to a discounting company, who will offer and pay up to 90% of their value within 24 hours. The further 10% is collected when the debt is paid by your customers, minus the discount company’s fee. The service does not legally require you to submit this information to your customers.

Invoice discounting is typically the preserve of large businesses. But thanks to Aldermore setting their minimum annual turnover at just £500,000, it means smaller businesses can take advantage of the service too. Depending on your circumstances, Aldermore can also consider businesses with a smaller annual turnover and customise the discounting features to fit the client’s needs.

Invoice Factoring

Aldermore’s factoring is very similar to their discounting service but with the addition of invoice collection. They will run credit checks on your clients, issue statements and provide a full credit control service. Not only does this allow you to focus on the day-to-day running of your business, but knowing a professional finance company is handling your affairs offers added peace of mind.

Like their discounting service, Aldermore set their minimum limit relatively low when compared to other invoice factoring companies. An annual turnover of just £100,000 is required and this can, depending on circumstances, be negotiated. This is extremely useful for small and medium sized businesses as factoring services are typically designed to help them grow.

Credit Protection

Insolvency is a fact of life but it can leave your business with unpaid debts that stifle growth, create uncertainty and even lead to financial problems of your own. By employing credit protections and non-recourse facilities on both their discounting or factoring services, Aldermore assume the responsibility for bad debts.

This permits a business to plan with a degree of confidence as well as offer some protection against unresponsive and slow paying clients. Aldermore’s credit protection can be perfectly tailored to suit the exact needs of each client, making it ideal for small businesses and complex operations.

Debt Recovery

Most companies do not employ large financial departments and so are not equipped to recover outstanding debts. Aldermore’s process deals with problematic clients in a professional manner, allowing you to focus on re-investing the funds, rather than worrying about whether they will be received in the first place. This can be utilised with or without the credit protection resource.

Verdict

Aldermore Invoice Finance offers many of the same benefits available from other companies but with a greater degree of flexibility. This allows them to customise and offer discounting and factoring services to smaller businesses that would otherwise be deemed unsuitable.

This has led Aldermore to accept over 90% of applicants, with the vast majority of them processed within 48 hours. Businesses that actively require invoice finance services are typically the ones that are turned down by the more rigid financial companies, so the simplicity and openness of the Aldermore invoice finance model has entirely changed the outlook for many small business.

Next Steps

Find out more about invoice factoring in our Expert Market UK essential guide.

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