Frequently asked questions
How does FIG work?
FIG is an invoice finance brokerage. To get started please complete our fact-finder questionnaire.
What do you use this information for?
With your completed fact-find we will consider products from our panel of providers.
We will then arrange for two representatives of the panel to contact you to arrange a meeting to produce terms for your facility.
How much does it cost to use FIG?
FIG does not have any direct cost to you. Should you decide to proceed with a product we will receive a commission payment from the provider.
Am I obliged to proceed with a product?
You are not obliged to proceed with a factoring product. You are merely requesting terms specific to your business.
Why can't the website produce an instant quote?
All businesses are different. Two businesses that operate in the same industry will have different customers, different processes, Directors and most importantly, differing requirements of a factoring provider.
Why do other sites say that they can produce instant quotes?
We prefer to arrange for you and your business to meet with a potentially suitable provider. This way they can produce terms specific to you and your circumstances.
In our opinion, without this meeting there is a chance that any quotes produced may not be accurate.
What is the process involved?
To get started, please complete our simple fact-find Questionnaire.
We will use this information to find two of the most suitable Invoice Finance providers based in the market place.
We will then arrange for a Representative from those companies to make contact with you and arrange a convenient appointment.
During this meeting the Representative will get to know you and your business and ask you to provide them with details of your requirements.
They will establish whether it is possible for each respective company to work together. They will be able to provide terms and conditions together with details of pricing for the scheme.
You will then be able to compare the offerings from both suggested providers and decide which provider to use.
Following your decision and completion of the legal paperwork, the provider will release funds to you, based on your sales ledger.
We are currently factoring with another provider, can we move to another company?
Yes, you can move from one provider to another, however, you should check whether you are subject to any minimum contract term when your first arranged your Invoice Finance Agreement.
Do I provide security?
Security for the advances primarily comes from the invoice (debt). The factoring company effectively buys the debt from you in exchange for cash. The debt is then repaid in payment from your customer.
Some factors may require additional security by way of personal guarantee debenture or security over property. You should check the details of your terms.
How do I close my factoring facility?
You can close your factoring facility on repayment of the funds advanced. There may be a notice period or minimum contract period.
Can I borrow more?
From your invoice finance facility, you may be able to borrow more as your sell more (as your sales ledger grows). The Invoice Finance facility is therefore very flexible.
Some lenders may have the facility to arrange an overpayment facility to help in times where cash flow may be stretched e.g. if your business is affected by seasonal trading or when your VAT payment is made.
Some factors will offer a term loan facility in addition to your Invoice Finance facility. Please let us know if this is of interest to you.
Our business is involved in construction. Can you help?
Yes, we have a number of lenders who are happy to consider most industries.