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Debt Factoring is another term used to describe invoice factoring - a process whereby a business will raise an invoice for work completed, pass this to the Debt Factoring provider who will then chase the payment from the debtor on behalf of their client.
The business will be given up to 85% of the invoice value almost immediately from the point of raising the invoice, therefore reducing the cash deficit for the small business.
The Debt Factoring company will chase the debtors for payment of the invoices and once received will give the remaining 15% to the small business, minus their fees for providing this service.
Debt Factoring is proven to help businesses grow and prosper and is an excellent alternative to a bank overdraft.