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| Reply To This Thread |
| Re: Can anyone recommend a good factoring broker? |
| Author: | m |
| Date: | Thursday, 11th Jun 2009 12:40 |
| Views: | 73 (excluding Digests and RSS feeds) |
| Category: | Other | | URL: | http://web.ukrecruiter.co.uk/forum/Forum/read.php?i=186314 |
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haha
if you are starting up with no risks, I would recommend cashsimply. easy a tat expensive but it is convenience you pay for. without all the minimum fees involved etc........
am sure tommy toyboy will be around any minute now!!! |
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| Reply To This Thread |
| Re: Can anyone recommend a good factoring broker? |
| Author: | m |
| Date: | Thursday, 11th Jun 2009 18:02 |
| Views: | 81 (excluding Digests and RSS feeds) |
| Category: | Other | | URL: | http://web.ukrecruiter.co.uk/forum/Forum/read.php?i=186314 |
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venture finance
http://www.venture-finance.co.uk/our-services/factoring/online-factoring/what-is-it.aspx
are very good
0.5 procent turnover + a few quid per invoice unprotected
0.85 orso with protection....
this was over a year ago though so cant comment on todays charges.
cashsimply 4-6 procent of turnover I seem to remember, which is quite expensive however, you use their paye scheme etc so no headaches yearly return etc........... just collect the margin report at the end of the week a smile how much you earned..
One advice I always took from Tom at cashsimply at heart, is that outsource as much as you can when dealing with temps. |
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| Reply To This Thread |
| Re: Can anyone recommend a good factoring broker? |
| Author: | Tom Atkinson |
| Date: | Friday, 12th Jun 2009 16:13 |
| Views: | 61 (excluding Digests and RSS feeds) |
| Category: | Other | | URL: | http://web.ukrecruiter.co.uk/forum/Forum/read.php?i=186314 |
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Iain Dangerfield is a great broker to work with for several reasons.
Firstly he is a nice guy to do business with. I can speak from personal experience having used his services in the past albeit some time ago.
Secondly, and this is important in the Temp recruitment industry, he is very knowledgable.
For example, he understands the difference between back to back payroll and invoice production and back to back funding. He is also clear about the difference between invoice debt funding and payroll funding.
When some have come to us for factoring instead of our comprehensive finance, protection and administration package, suggesting that they speak to Iain has almost invariably resulted in a satisfactiry outcome.
For clarification,for the suspicious amongst you - No I do not have any shares in his business nor take any fees. He doesn't even know I have written this. Iain is just an all round knowlegable great guy to work with. Tom. |
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| Reply To This Thread |
| Re: Can anyone recommend a good factoring broker? |
| Author: | Factoring Solutions |
| Date: | Saturday, 13th Jun 2009 12:21 |
| Views: | 75 (excluding Digests and RSS feeds) |
| Category: | Other | | URL: | http://web.ukrecruiter.co.uk/forum/Forum/read.php?i=186314 |
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Thanks for that explanation Tom.
For anyone else wanting to know what tricks some of the factoring brokers get up to there are some interesting revelations on the site of the Independent Factoring Brokers Association which is a fledgling association set up by a few of us to publicise some of the less savoury activites that too many unscrupulous factoring brokers get up to.
http://www.factoring-broker.org.uk
Ian |
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| Reply To This Thread |
| Re: Can anyone recommend a good factoring broker? |
| Author: | Steve H |
| Date: | Tuesday, 21st Jul 2009 08:23 |
| Views: | 78 (excluding Digests and RSS feeds) |
| Category: | Other | | URL: | http://web.ukrecruiter.co.uk/forum/Forum/read.php?i=186314 |
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Hi All,
I have just met with Llyods finance and they are trying to charge me a factoring % of 1.75% plus a £350 admin start up fee.
This seems high for factoring based on this forum, i know the forum was started last year and the figures of 0.85 are posible out of date.
Does anyone have any current figures for invoice factoring?
Kind Regards
Steve H |
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| Reply To This Thread |
| Re: Can anyone recommend a good factoring broker? |
| Author: | Factoring Solutions |
| Date: | Tuesday, 21st Jul 2009 10:40 |
| Views: | 58 (excluding Digests and RSS feeds) |
| Category: | Other | | URL: | http://web.ukrecruiter.co.uk/forum/Forum/read.php?i=186314 |
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There is no one size fits all factoring charge as it will vary enormously dependant first of all on turnover as a company with annual sales of £100,000 will have a much higher commission rate than one turning over £10m.
The setup fee is reasonable though
Ian
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| Reply To This Thread |
| Re: Can anyone recommend a good factoring broker? |
| Author: | whatprice |
| Date: | Wednesday, 22nd Jul 2009 11:38 |
| Views: | 70 (excluding Digests and RSS feeds) |
| Category: | Other | | URL: | http://web.ukrecruiter.co.uk/forum/Forum/read.php?i=186314 |
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Hi. I had a meeting with one of those companies mentioned in the post recently and whilst I thought the service offered was excellent I was required to sign a guarantee.
I understood this requirement has been introduced to counteract fraud. Being an ex- banker in the last recession I saw sooo many people loose their family home as a result of guarantees. So I decided not to proceed.
I appreciate that everything comes at a price but as I had a track record and could provide references and accounts I was disappointed. I suggested that they might instead charge me a higher percentage instead but no response.
Just thought I would throw this into the mix so that you can weigh up risk/reward. |
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| Reply To This Thread |
| Re: Can anyone recommend a good factoring broker? |
| Author: | Claire |
| Date: | Thursday, 23rd Jul 2009 13:27 |
| Views: | 74 (excluding Digests and RSS feeds) |
| Category: | Other | | URL: | http://web.ukrecruiter.co.uk/forum/Forum/read.php?i=186314 |
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Hi!
Not a broker as you requested, but having worked with many factoring companies since we started trading many years ago, I've found Venture Finance to be the most upfront, cost efficient, and flexible factoring company.
If you want contact details for the people I deal with, I'm happy to give them.
For clarity, I have no involvenent in Venture, and my only association with them is as a client. A happy client though!
Kind regards
Claire |
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