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BUSINESS FACTORING

What makes a business suitable for factoring?

Factors' requirements vary, so what follows is an indication and not a rigid list. You may find a factor even if the following criteria are not met.

What makes a business suitable for factoring

  • Annual turnover of at least 50,000, but some factors will consider start-ups and smaller businesses.

  • It is best if there are more than just a few customers.

  • No single customer accounts for more than about a third of turnover.

  • Customers accept the standard payment terms for the industry.

  • Customers accept a reasonable period of credit.

    What makes a business unsuitable for factoring

  • The business sells to the public. Factoring is only available for sales to commercial customers.

  • Too many small invoices.

  • Too many disputes and queries.

  • The business is not sound, reputable and trustworthy.

  • Customers make part payments or stage payments.



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