FAQ

Frequently Asked Questions

What is Invoice Factoring?

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.

Do I have to Factor all my accounts?

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.

How much does it cost?

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.

What Advance does Silverburn Finance give?

We advance 96% on new accounts.

What if my customer doesn’t pay?

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.

Is my account managed?

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.

Do we Factor for startups?

Yes. Startups are welcome.

How long is my contract?

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.

How long does the application process take?

As long as all paperwork is provided and correct. We should have the account up and running within a few days.

After submitting invoices, how long will it take to get paid?

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.

Get In Touch

Post

Silverburn Finance (UK) Ltd
76 Winter Hey Lane
Horwich
Bolton
BL6 7PQ

Email

enquiries@www.ql345.cn

Telephone

01204 669666

Fax

01204 693471