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Factoring date back over 4000 years to Mesopotamia, the 'cradle of civilization.' Besides developing writing, business codes and government regulations, the Mesopotamians introduced factoring to the business world.

Invoice Factoring

The history of invoice factoring and how it applies in today's business environment    

In simple terms, factoring is the purchase of a business’ commercial invoices at a discount. In practice, this means a factoring company buys your company’s invoices at a discount from their face value. Your customers then pay the factoring company the full amount of these invoices. The difference between the discounted rate (the amount the factoring company pays your business) and the full amount of the invoice is the factor’s profit which is their incentive for buying your invoice.

The first known appearance of factoring was in Mesopotamia some 4000 years ago. Today, invoice factoring services a wide range of B2B industry segments and comes in many variations. Oddly enough, invoice factoring is not taught in business colleges, is rarely seen in business plans, and remains a little known practice in the business community.  Yet, to those in the know, factoring often means the difference between growth and failure.

With financing sources for small business owners becoming tighter and more restricted, invoice factoring becomes an ever more viable option for business financing. Whether it is to fuel an expansion, buy new equipment, raise immediate working capital or ease cash flow problems, factoring can often offer a practical and instant solution. If you sell products or services to businesses, if your customers have good credit, and if you have current orders that you are ready to ship, invoice factoring might be of great benefit to you and your company.

If you are interested in invoice factoring for your company, or would just like more information on whether invoice factoring is right for your business, click here to apply online; an IFG consultant will be in touch with you shortly.
Alternatively, please ring IFG on Ring us on +0808 014 8626

Benefits of Spot Factoring Include:

  • Fast access to cash – first time applicants can receive cash in 24-48 hours; previously approved clients can receive cash in less than 6 hours.
  • Flexible – no minimums or maximums;
    no long-term contracts or obligations;
    no need to finance your entire receivables portfolio...use us when you need us.
  • Fee free – no upfront application fees, no due diligence fees, no credit line fees (spot factoring is not a loan).
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Testimonials:

“Services provided by IGF allowed us to capitalize on significant growth opportunities over a short period of time; tripling our workforce and increasing our revenue 10 fold”

Carol Craig
Director,
Craig Technologies