- 27 Jun
More Accident Repair Invoices Funded
One of our specialist funders has just completed the payout against another accident repair company's invoices to insurers.
Invoicing Insurance Companies
The accident repair company had been established for several years, and they had a few invoices to insurers such as Hastings Direct and AIA Group, that they wanted to get payment against immediately. The issue is that invoicing insurance companies often takes a while for settlement to be made. Its normally just a case of the administrative process, rather than the ability of the insurer to pay.
We introduced them to a specialist lender, a member of our panel, who purchase car body repair invoices.
The facility is what we call "selective" in that our client can select the invoices they want funded, without any obligation to keep using the service, or any minimum fees.
Accident Repair Invoice Funding
The way that the funding works is that the finance company provide 100% of the value of the invoice upfront, less a small fee for discounting the invoice.
This means that it is a very simple process for the accident repairer who can get access to the money that would otherwise be locked up in unpaid invoicing, until the insurance company settles.
For more information about how bodyshop funding works, see our free guide or call Sean on 03330 113622.