Invoice finance is a cash flow solution that allows businesses to get advances on money owed by customers, without waiting for lengthy payment terms of 30 to 120 days. This article provides information to help you assess if invoice finance is right for you, and whether you meet the criteria for invoice finance eligibility.
Businesses which provide goods and services to other businesses can benefit from invoice finance. These companies require a smooth cash flow, as they need to cover payments for staff, suppliers and many more overheads.
Some of the most popular industries which typically meet invoice finance eligibility and use it to help fund their business include:
- Manufacturing firms
- Transport companies
- Recruitment agencies
- Exporting businesses
- Marketing agencies
- Wholesale and distribution
Suitable uses of invoice finance
Invoice finance works well for many different businesses that:
- Raise invoices with clients
- Aim to fund future growth
- Need to release cash tied up in unpaid invoices
- Have clients with long payment terms
- Want to maintain control over their customer relationships
If any of these apply to your business, invoice finance could offer an excellent solution for your funding needs.
This could be for hiring extra staff to help take on new jobs, paying suppliers, expanding where your services are offered, increasing your product offering and more.
Invoice finance solutions
MarketInvoice offers two types of invoice finance, which hold different eligibility criteria. Both of these cash flow solutions offer a fast and flexible way to get funding for your business.
Below are the invoice finance eligibility criteria to help you assess which solution is right for you.
Invoice finance eligibility criteria
For businesses who want flexibility over which invoices to fund, MarketInvoice Select lets you access up to £3 million per invoice as and when you need.
You can apply for MarketInvoice Select if you:
- Run a limited company or LLP based in the UK or Ireland
- Have over £100,000 turnover filed with Companies House
- Sell goods or services to other businesses on terms
For businesses with a regular funding need, MarketInvoice Pro offers up to £4 million against the value of your outstanding invoices.
You can apply for MarketInvoice Pro if:
- You have a limited company or LLP based in the UK or Ireland
- Your business has a minimum turnover of £1 million, or over £300,000 turnover if you add on Credit Control
- You sell goods or services to other businesses on terms
- Have at least two years of accounts submitted to Companies House, or one year of accounts submitted if you add on Credit Control
So, if your business meets the invoice finance eligibility criteria above, you can apply today. It’s quick and easy – just apply online and we’ll get back to you with a quote in 24 hours. Get the funds you need to stop waiting and start growing.