Factoring Solutions preferred partners for Body Shop Finance Services
Body shop finance is a niche area of factoring with one or two factoring companies offering a slightly different product to standard factoring which is specifically aimed at body shops.
Whilst we have relationships with several factoring companies that have a product aimed at body shops one of our preferred partner not only has a reputation for the excellence of their service but their body shop factoring product is more flexible than that of many of their competitors.
Unlike traditional factoring there is no requirement to factor all of the invoices and the client can pick and choose which invoices to raise funding against as and when they wish.
There is normally an initial payment of 90% of the invoice value payable immediately with the balance less charges payable when the insurance company has paid the invoice.
The second of our preferred partners will advance the whole amount of the invoice immediately less their fees to approved customers and their facility is without recourse so the credit risk remains with the factoring company.
The advantages of body shop finance are instant funding with initial payment being in the client’s bank account within 24 hours and an availability of finance that grows alongside the increase in sales.
The facility is very flexible as the client can choose which invoices he wants to factor or if he doesn’t need any extra working capital there is no requirement to factor any invoices at all which will save on interest costs as interest is only payable on funds advanced.
Factoring Solutions the leading independent factoring and discounting broker has industry experience going back several decades. We only deal with the few factoring companies that live up to the high service standards and transparency that we insist on so why not contact us on 01827 707680 to discuss the options available for you without any obligation or cost.