With £50bn owed to SMEs, are unpaid invoices putting your business’s cash flow under pressure?
Nick Smith, Reward Finance Group’s managing director, North West, explains how its flexible Invoice Finance Plus funding solution can remove the strain.
According to figures released in January 2020, SMEs are currently chasing a staggering £50 billion in late payments.
You may be one such company that is having to wait longer and longer for your invoices to be paid.
If so, we can sympathise, as the delay can put you in a very tricky position. On the one hand the bank is giving you grief because your cash flow is under pressure and, on the other hand, you don’t want to upset your customers by hassling them to pay.
What makes it even more frustrating is that you may have paid your supplier for his goods and services on time, before you have been paid by your customer.
But, it is not only the strain on your bank balance, it is the amount of time it takes to keep chasing your customers for payment, taking time away from the important part of your business; namely to help it grow and succeed.
With so much money tied up in overdue invoices, you will understand why invoice finance continues to grow in popularity.
This has not always been the case. A couple of decades ago, factoring your invoices was sometimes seen as a sign that a business was in trouble, indicating it had run out of cash. Today, however, it is seen as a sensible choice for those needing to free up the cash needed to help the business grow. Whether you are an SME or a large corporate, Invoice Finance and Asset Based Lending are core products in the finance space.
Reward Finance Group not only understands how a business works but we are also firmly on the side of the SME.
That is why we have created a finance product designed to take the pressure off both the business and you. Take a look by clicking here
You will see that Invoice Finance Plus goes beyond the restrictions imposed by traditional invoice providers, as we can look at the company’s other assets, as well as releasing the money tied up in unpaid invoices. The ‘plus’ means that not only can you access cash tied up in your invoices quicker, but you can also leverage other assets owned either personally or by the business to generate more cash – it’s like having an overdraft alongside your invoice finance facility.
That means that if you need to borrow more – from £50k to £3m – we can lend more, on a short, medium or long-term basis. Furthermore, there are no hidden costs or upfront fees.
In addition, because of our flexible approach, we can combine Invoice Finance Plus with our Business Finance product to release even more funds, as can be seen in this case study for handmade jewellery company, ChloBo
So, don’t get stressed out or waste valuable time by spending hours chasing up piles of unpaid invoices from your customers. Talk to the team at Reward Finance Group and we can release the funds owed to you quickly, so that we can help drive your business forward by providing the working capital needed to help it succeed.
For further information take a look at www.rewardfinancegroup.com or you can speak directly with one of our business development directors:
Clive Briggs – 07523 513 355 firstname.lastname@example.org
Mike Calvert – 07858 518 562 email@example.com
Russell Holt – 07825 327 725 firstname.lastname@example.org
Parisa Lian – 07718 490 363 email@example.com