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Invoice Finance constitutes Debt Factoring as well as Invoice discounting, Factoring is the process of releasing cash from invoices as soon as they are issued, and allowing you to put the money to work where it is needed most. Factoring occurs when you send an invoice to the bank to be collected by them, they advance you up to 80% of the value and then the remainder when the invoice is paid less there charges. Invoice Discounting on the other hand is where you keep in control of collecting the debt, the bank lends up to 80% on the security of the invoice. Invoice discounting is suitable where you need to utilise the cash from sales earlier than you are receiving the cash from your customers. With Invoice Discounting the 80% of the invoice is paid immediately from the Bank. Invoice Discounting will operate with the speed that your business is growing business, so there is no need to keep re–negotiating your overdraft. Factoring on the other hand allows you to free up your staff time in collecting the debts. Also most factoring takes the risk off bad debts so you have minimal exposure. Cash is king in most organisations, and the biggest problem is matching costs with income, both invoice discounting and debt factoring is a solution to this problem. The advantages include having the improved cash flow can help you to buy more competitively from your suppliers by obtaining discounts. Also by receiving the cash upfront from the banks you are avoiding the hidden costs associated with providing extended credit for your customer. The cost of both factoring and invoicing is not cheap, it also is very much industry dependant, businesses with few invoices but large amounts fits the bill ideally. The first step is to request quotes for factoring services. Costs and services can vary considerably; Factoring is very competitively priced compared with other types of business finance. The fee is in two parts. A service fee, covering the day to day servicing of your purchase ledger, usually between 0.5% and 3.0% of your turnover. An interest charge, charged against the amount of each invoice. This will usually be a fixed percent above the factor's base rate.