Invoice Factoring

countrycook68

Good Morning
Does anyone know how to go about reclaiming charges for Invoice Factoring? We were sold invoice factoring when we had 11 small business customers. Our new account manager has told us that we should never have been sold Factoring as we have never had the amount of customers or turnover to justify it.
That's great but she's been very quiet about how to claim back all the charges from when we had it.
Any help would be greatly appreciated as I can't seem to find any information on the subject.

Jamie94

countrycook68 wrote: »

Good Morning
Does anyone know how to go about reclaiming charges for Invoice Factoring? We were sold invoice factoring when we had 11 small business customers. Our new account manager has told us that we should never have been sold Factoring as we have never had the amount of customers or turnover to justify it.
That's great but she's been very quiet about how to claim back all the charges from when we had it.
Any help would be greatly appreciated as I can't seem to find any information on the subject.

Hello countrycook,

I don't think you can reclaim those charges.

Maybe speak to your account manager and ask her to speak up and explain her earlier comments to you?

Or maybe she has now realised she made a boo-boo?

magpiecottage

My guess is that you have less than 10 employees (including yourself) and business assets and turnover of less than the equivalent of €2 million.

If so I would put in a complaint and see where it goes.

Awenthomas

Hi,
I am a new Entrepreneur and I don't have much knowledge about Invoice Factoring.
Thanks!!

Stevie_Palimo

Awenthomas wrote: »

Hi,
I am a new Entrepreneur and I don't have much knowledge about Invoice Factoring.
Thanks!!

You should create a thread if seeking advice but the long and short of factoring is that you send invoices to customers and the factoring company who in-turn will subsidise the invoice amount to a certain level ie:- 60-80% and then collect the clients money and pay you the difference once it is in minus the fee's involved. This works well if you have a large customer who spends good money with you but maybe not pay you as quick as you want, The downside is that the factoring company can be very aggressive regarding money owed and chase a customer quite hard for it.