Case Study - Factoring For Garage Handling Car Crash Repairs Invoicing Insurance Companies
We have just found a specialist bodyshop factoring facility for an established garage which undertakes car crash repairs, paid for by insurance companies. Approximately 25% of our client's sales were invoices to insurance companies, and they are notoriously slow to pay, often taking many months. The garage needed to get paid immediately in order to pay for staff, parts and other regular bills.
Factoring For Bodyshops
We found them a factoring facility with a specialist factoring company that handles the car bodyworks sector. Funding of 95%+ will be provided against their sales invoices as soon as they raise them to the insurers. Therefore, they are getting paid immediately, rather than having to wait months. The specialists we introduced were able to offer an open ended contract where our client is only charged when they submit an invoice and receive funding against it.
The first payment was made to our client within just a few hours of them signing the documents and submitting their first invoice to the factoring company.