How does Full Factoring work?
- You complete the sale to your customer
- You generate a sales invoice to your customer
- You forward a copy of the invoice to Danske Bank
- If the invoices are received by 11am, we will advance up to 85% of the invoice value same day (subject to conditions)
- Once your customer pays the full invoice, you receive the balance (less any charges)
- Full factoring is a disclosed facility. Danske Bank carries out the credit control function for your business. Full factoring works alongside your existing bank facilities
- To use the Full Factoring service, you will need to open a Danske Bank business current account and sign an agreement with us. You will be required to assign your invoices to Danske Bank and provide Personal Indemnities. Other terms and conditions apply.
What are the benefits of Full Factoring?
- Save business time by removing the burden of running and administrating your sales ledger
- Improve your cash flow as your business expands
- Secure settlement discounts from suppliers
- Spends less time monitoring your cash position
- Increase your ability to increase profits as sales are not lost through lack of working capital
Things you need to know
- Whether we provide credit depends on your circumstances, and you must be 18 or over. Lending terms and conditions apply.
- The rate and term at which we lend will reflect our assessment of the circumstances of your business, the chosen facility amount and the facility purpose. Written quotations are available on request.
- We are a member of UK Finance and we operate our business in accordance with the Invoice Finance and Asset Based Finance Standards Framework
- The Standards Framework, the guidance and the complaints procedure can be viewed on the UK Finance website at ukfinance.org.uk .
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*Lines are open between 9am and 5pm Monday to Friday except for bank holidays or other holidays in Northern Ireland when the bank is not open for business.