Close Brothers Invoice Finance

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How invoice financing works

The order
Create an invoice for your customer, showing how much is owed to your business and when payment is due.
Cash advance
Send a copy of the invoice to a lender to release up to 100% of its value as a cash sum.
When it is due, the lender receives the payment from the customer. The lender then sends your business any remaining amount on the invoice that wasn't originally financed, after deducting the prearranged fees.

This comparison service is provided by Touch Financial. Touch Financial is a finance broker, not a lender. Not all products offered by Touch Financial are regulated by the Financial Conduct Authority. They compare invoice financing services from a range of different lenders, aiming to find the one that best suits the needs of their business customers. Touch Financial consultants look at the profile of each business, including cash flow, accountancy needs, and any other specific requirements, to match them with the most appropriate invoice finance provider and product. Touch Financial is authorised and regulated by the Financial Conduct Authority (FRN:727220).

Last updated on 12 May 2022.

Close Brothers Invoice Finance FAQs

Who are Close Brothers?

Close Brothers Business Finance was established in 1987 and provides commercial funding solutions via a network of brokers such as Touch Financial. Part of the long-established Close Brothers Group plc, they provide tailored funding options to UK business across various industries.

What is invoice financing?

Invoice financing is a means for businesses across the UK to bypass more conventional forms of borrowing, leveraging the invoices in their own sales ledgers to produce cash flow at short notice. They may use this cash injection to finance investment whichever way they see fit for their business.

Does invoice financing incur debts?

No, invoice financing incurs no new debts for your business, as you will be borrowing against invoices which serve as the collateral a lender requires to give you that cash injection.

Why is invoice financing easier than seeking a loan?

If you wish to avoid incurring debt in order to borrow and invest money into your business, invoice financing can be ideal. In addition to avoiding new debt, you may find it quicker to sell your invoices to borrow against, as opposed to going through a potentially lengthy loan application process.

Do lenders charge fees for invoice financing?

Yes, invoice financing providers such as Close Brothers are likely to charge some kind of fee.

However, this fee is unlikely to be more than a small percentage of the value of the invoices you wish to leverage. Touch Financial can help you determine which lenders offer the most affordable invoice financing facilities for you.

Fill in a form or give them a call to get started.

Is invoice discounting a different product entirely?

No, invoice discounting is a form of invoice financing, in which you leverage the value of your sales ledger, being responsible for dealing with the invoices yourself as they arrive. It can be a more discreet way of using customer invoices to borrow and generate cash flow, as the lender isn’t chasing your client for payment.

What distinguishes invoice discounting from factoring?

Invoice factoring is one form of invoice financing Close Brothers and other lenders may offer, in which you sell the invoices and get referred to a factoring company. The factoring company handles incoming invoices for you, and you receive cash flow.

What if I have late payment problems issues?

In actual fact, businesses might request a Close Brothers invoice financing facility precisely because of late payment issues. The facility can serve as a means to provide you with an injection of cash flow while you wait for invoices.

Can I be liable for late payment?

Only if you have agreed to include a recourse agreement as part of your invoice financing facility. This makes you responsible for repaying the value of an invoice, if the client fails to repay you or the lender. Having a non-recourse agreement in place requires a lender to absorb the costs, but the higher risk this entails makes lending fees greater.

Do larger businesses find invoice financing easier?

Yes - this is because some invoice financing lenders might set specific criteria for businesses when they request invoice financing facilities. These might include having operated the business for more than a set number of years, or setting a turnover threshold. Smaller and younger businesses might struggle to meet these criteria.

Services offered by this provider may change over time. Always check Ts&Cs.

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