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Calverton Invoice Factoring Review

Based in Milton Keynes, UK, Calverton were founded at the end of the last century with the aim of providing financial solutions to owner managed UK companies. In that time they have grown enormously and currently have an annual turnover of almost £7m. With a reputation for excellence within the industry, Calverton’s influence continues to grow.

Differences Between Factoring and Discounting

The general premise of invoice financing is the same whichever method you choose, but there are some key differences between the two. Factoring involves the financier becoming involved in at least some of the facets of debt collection. Discounting can be anonymous, while many factors do not provide this option when dealing with your clients. Factoring, therefore, is typically better suited to smaller businesses and those who are happy to relinquish control over the process to a professional.

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Features of Calverton Invoice Factoring

Each factor offers different advantages and disadvantages from the next, which can never be perfectly suited to each individual business. What might be appropriate for one business might be a hindrance to another. It is therefore important to understand the features that each factor offers. In the case of Calverton, these include:

  • High Percentage of Funds Made Available
  • Flexibility
  • Free Credit Checks
  • Bad Debt Protection

High Percentage of Funds Made Available

While most factors typically provide 80-85% of funds quickly, Calverton’s service allows for as much as 90% of the invoice to be paid almost immediately into your account. Although this 5% may not sound a lot, the more valuable an invoice, the more significant this total can amount to. It should be noted that this should be weighed up with a slightly slower release time than some of their rivals.

Flexibility

A factoring contract is only as good as the flexibility it offers. If the contract doesn’t adjust with a company’s needs, it can be an enormous hindrance. This is especially the case for small businesses and many have been caught out by not taking this into account. Calverton provide bespoke packages that are able to grow with your business, meaning renegotiations and unnecessary expenses can be avoided.

Free Credit Checks

Using your factor to gain information about your own clients can be of huge advantage to a business. While there are no guarantees, the use of a professional finance company to understand the risks involved can avoid bad debts from occurring in the first place.

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Bad Debt Protection

As previously mentioned, avoidance of bad debts, those owed to you from your clients, can never be guaranteed and the effects of them can be crippling. Through Calverton Finance’s non-recourse factoring, your business can be protected from client insolvency, as they take on the liability of every outstanding invoice. Although this service is only available to established businesses with a varied client base, the kind of security it offers can be vital.

Features of Calverton Invoice Discounting

Invoice discounting is the less popular invoice financing option but this is generally because it requires a higher minimum annual turnover than factoring does. Almost all the features available of factoring are available with Calverton’s invoice discounting service but with some other key qualities. These include:

  • Funds Made Immediately Available
  • Faster Process
  • Confidentiality

Funds Made Immediately Available

Unlike the factoring service, which can take a day or two to process payments, finances are acquired immediately through Calverton’s invoice discount service. This can make an enormous difference to the entire service as cash flow efficiency is at the heart of any invoice financing facility.

Faster Process

Faster payments are not the only part of the discounting service that are more efficient. Because funds are paid immediately into a “Trust Account”, which is set in your company’s name, the entire process becomes automated and is therefore faster. This means you do not need to send them the invoice in order for it to be processed.

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Confidentiality

Unlike the factoring service that Calverton offer, discounting does not require you to inform your clients of their presence in the process. This can be advantageous in two ways. Firstly, it allows for a more intimate appearing service with your client, which can in turn help build a degree of trust. Secondly, because Calverton Finance are an experienced financial company, it presents a more professional appearance. Studies have shown that invoices are more likely to be paid on time, and more likely to be paid in general, when a professional invoice service is employed.

Although there is no specified support staff for the individual client, there is a UK based phone support line as well as Email and all of Calverton’s invoice financing staff are trained to deal with the problems that can arise from the service.

Support

Although the process itself is usually straightforward, unforeseen circumstances can make it a lot more complex. This is where an in depth support service can make all the difference.