Exporter’s with late payment problems?

For the last two to three years the UK has been in the vice like grip of a global economic downturn and near extinct credit lines.

Whilst global economies bring with them vast opportunities in times of prosperity, the inter-connected, almost symbiotic nature of the global economy also ties us to one another in times of crisis. If shares fall in Tokyo, hours later, Wall St and the London Stock Exchange see dips in confidence and vice versa.

With language barriers, different cultural standpoints and varied legislation from country to country late payments owed to exporters can be harder to recover than traditional UK based business to business trade and as the fall out from the downturn continues, more and more UK exporters are turning to Export Factoring.

According to a recent Confederation of British Industry survey, UK exporters are expecting foreign demand to outstrip the subdued domestic demand over the next three months and 15% more firms are anticipating the pace of overseas orders to speed up rather than slow down compared with those firms polled last quarter.

UK manufacturers are banking on an export-led recovery and in a direct response have been recruiting staff at the fastest rate for more than 20 years and overall, the net investment spend on plant and machinery over the coming year is expected to rival levels not seen since July 1997.

This increased optimism may well pull many UK based exporters out of the brink, but there are added risks when trading overseas.

Are you a UK based Exporter?

Many UK firms, who have been exporting overseas for the several years, have found out lately that they have had some difficulties with late payments and some have seen an increase in bad debt.

As chasing overseas payments can be costly and time-consuming there are options to consider? Export invoice finance could be the solution for you?

Export invoice finance, i.e. Export Factoring can offer a comprehensive credit management facility which effectively eliminates the time lag between issuing an invoice and receiving payment from the foreign customer whilst simultaneously addressing common hurdles that businesses have to overcome while trading abroad.

With Export Factoring and Export Invoice Finance the factoring provider puts in place, professional and skilled credit controllers to collect outstanding invoice payments on your behalf. In addition to chasing payments, the factoring provider also maintains an up-to-date sales ledger and issues timely management information.

Specialist export invoice finance providers will have offices across the globe providing on the ground assistance, local knowledge on laws and commercial practices together with expertise and language specialist.

If you want to know more about Export Factoring, or wish to discuss other invoice finance facilities Factoring Finance have an independent UK wide broker network able to find the facility that is right for your business needs. For an informal talk about your options, get in touch and ask for Richard or Dick Appleby.

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