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Invoice Factoring vs Invoice Discounting Explained! Updated for 2023.

Hello, in this video we explain the differences between Invoice Factoring and Invoice Discounting. We also look at typical examples of how the fees can differ between the two. 2023 UPDATE! Well the Bank of England base rate has increased again, it's currently at 5%. It just makes the cost of borrowing slightly extra, so the figures may change but hopefully the examples on the video will be useful for you. In some cases we recomend an interest free factoring or discounting facility. It would depend on your turnover to see if this would be the most cost effective option. Please give us a call on 02921 900000 and we'll answer any questions you may have or visit our website and get an estimate in 30 seconds - www.wisefactoring.co.uk Thank you! (Video Description Continued) The example is based on a smaller facility with a £125,000 funding line and we look at the monthly fees of both Factoring and Discounting. We explain the difference in Service Fees and Discounting fees for both options, based on a company funding £100,000 worth of invoices in a calendar month. We look at how the Service Fee and Discounting Fee is worked out. This should be a good guide to work out how much Factoring or Discounting would be, for the amount you would need to be advanced each month. Remember the higher your turnover, the lower the fee. If you have any questions please feel free to get in touch. You can visit our website https://www.wisefactoring.co.uk and get an estimate based on your turnover and industry within 30 seconds. You can also email [email protected] or call us on 02921 900 000. We are here to help! Remember you can also get a quick estimate in 30 seconds on our website: www.wisefactoring.co.uk We look forward to hearing from you!