Invoice factoring is a type of finance that allows you to sell your accounts receivable (i.e. invoices) to a third party (called a factor) at a discount.
With Silverburn, you can be selective as to which accounts you wish to factor. So if you have customers that pay you very quickly it may not be worth factoring those accounts. Just factor the accounts that take 30/60 days to pay.
We charge 4% for 60 days of credit. We advance 96% with no other fees. Beware of headline rates of other factors and then they hit you with hidden charges buried in the small print.
We advance 96% on new accounts.
We operate factoring with re-course. If for any reason your customer does not pay, we have the right to come back to you for payment.
We have a team of highly experienced credit controllers, one of which will manage your account personally. We personally answer all calls and do not use voice mail.
Yes. Startups are welcome.
We have no minimum contract period, but we do like anybody who signs up to stay with us for 3 months, as we don’t charge a setup fee. We do not operate spot factoring or one off invoices to be factored.
As long as all paperwork is provided and correct. We should have the account up and running within a few days.
We pay using BACS directly into your account, which takes 2 working days. If we receive your invoices on a Monday, the payment will be in your account on the Wednesday.