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The administration required of your business to manage the facility will vary depending on whether it is a factoring or invoice discounting facility that you choose and the systems the factor requires.
The administration of either should be simple, if not you are speaking to the wrong factor.
The difference between factoring and invoice discounting is detailed within this guide and reference to this is suggested.
Irrespective of which type of facility you use you will be required to notify your sales invoices to the factor, in order that they may update their records and your balance and then create funding for
you against this. You will therefore need to complete periodic notification sheets for the factor setting out these details. This method may either be submitted online or postal. Depending again on the
factor and your choice of facility this will also vary between notification of either total balances only or individual invoice details.
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