Also known as Single Invoice Finance or Selective Invoice Finance
Spot Factoring offers you the flexibility to pick and choose individual invoices or debtors to raise working capital for your business. You can use this service as a one off to deal with a temporary cashflow situation. Or it can be used more frequently on an as and when needed basis. It offers quick access to cash for your business to overcome short term cashflow challenges.
It may be that you have used invoice finance for your whole turnover which has worked well for you. However you may have reached a stage whereby you don’t need to fund all of your invoices all of the time. In these instances, spot factoring is a great way of having funding available if needed, without being tied into any contracts.
Spot factoring isn’t designed to fund your whole turnover all of the time. What it does do is help you with temporary cashflow issues. Should you find that your business requires ongoing working capital to fund growth then you may be better to consider traditional Invoice Finance