Frequently Asked Questions

Credit Protection

The risk of failure of prime customers is a constant threat to businesses. Close Invoice Finance offer our clients bad debt protection under our Non-Recourse factoring facility.

When factoring is without recourse (non-recourse factoring) and where an account is within a set credit limit, we will pick up the bill should your customer become insolvent. There is no paperwork on your part and the debt is automatically credited to you.

Applying for a credit limit on a customer is simple. You can do this through our CloseNet service or by fax or post.

A response will be sent to you within 24 hours and we give our clients trading within set credit limits 100% protection (subject to a small first loss) in the event of customer failure.

In comparison to traditional credit insurance, there is no policy administration on the Client's part and no claims are required.

At the credit underwriting department of Close Invoice Finance, we understand the pressures of today's competitive environment and the importance of being flexible and commercial in our approach. Bad debts can have a crippling effect on new or expanding businesses - our service can protect your cash flow and future prosperity.

In other words, if your customers don't pay their bills through insolvency, it is our headache - not yours

 

A Machine Tool Company A machine tool manufacturer was concerned by the number of similar businesses he had seen fail as a result of bad debts. Close Invoice Finance gave him 100% credit cover on approved invoices, access to professional credit controllers a a means of turning sales into immediate cash. Relieved from the worry of chasing fro payments and safe in the knowledge that they were considerably protected against bad debts, management could concentrate on increasing turnover. As a result they saw profits grow 32% in a year.

 

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