• PCID For A Temp Recruitment Agency In Ireland

    PCID protected confidential invoice discounting for a client based in Ireland.

    We have helped complete a PCID, protected confidential invoice discounting facility for a client based in Ireland. This facility has been delayed due to the Covid-19 outbreak.

    Temporary Recruitment

    Our client is in the temporary recruitment sector, a sector where the use of invoice discounting is very common. The facility will provide cash flow benefits as the client is no longer having to wait for customers to pay, before being able to access some of the cash tied up in their sales invoices.

    Invoice Discounting In Ireland

    The location of the business would be an issue for some invoice discounters, as they are not all able to handle clients based in Ireland. However, there are those that are able to offer invoice discounting to Irish clients, and so we were able to make an introduction and help our client establish the working capital facility that they needed. This could be used for paying the staff payroll, which is why this type of product is very popular with staff agencies.

    PCID - Protected Confidential Invoice Discounting

    PCID stands for "Protected Confidentail Invoice Discounting", which means that you receiving funding against invoices, but your customers are not aware of the involvement of a discounter. You are able to continue the credit control activity in-house, preserving full control of your relationships with your customers and debtors.

    The "P" stands for "Protected". This means that it is a non recourse facility. Providing our client trades within pre-agreed credit limits for each of their debtors, they have protection against bad debts. Should a customer become insolvent, and be unable to pay, the outstanding debtor balance is paid by the discounter (a first loss or cover percentage may apply in some cases).

    Funding

    The facility means that as invoices are raised for temporary labour placements, on credit terms, the client receives the majority of the invoice value immediately by way of their funding facility. The remainder is paid over, less the fee, when the debtor pays or after a pre-agreed credit period expires. This is the period after which the bad debt protection takes effect.

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