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Invoice Factoring is a type of debtor/invoice finance in which a business sells its accounts receivables ledger (invoices) to a third party (in this instance OptiPay) in return for receiving up to 90% of the invoice values in cash, with the balance to be received when your debtor pays (as per their normal 30 to 60+ days trading terms).
Strictly speaking, the difference between Factoring and Invoice Discounting lies in who takes control of your account receivables ledger and responsibility for collecting the monies from your debtors.
With Factoring, the provider of the upfront funds takes the role of managing your
account receivables ledger, credit control and chasing customers for settlement of their invoices.
OptiPay does not do this.
With Invoice Discounting, provided by OptiPay your business retains full control of its own debtors ledger and you collect payment in the usual way.
This is Paul, he is one of the directors of UVS, a labour-hire provider to the construction industry. Here’s what he has to say about how OptiPay was able to help his business grow and succeed. Contact an OptiPay expert today to see how we can help you.
At OptiPay, our invoice discounting solutions allow your business to get an advance against your accounts receivables ledger – either on a selective or whole ledger basis.
It’s quick and easy to access funds, which means you can get the cash flow you need to get on with business.
With OptiPay you get: