Touch Financial Invoice Finance Review
Touch Financial are the largest independent brokers in the UK. They specialise in Invoice and Asset Finance. Since 2008, Touch Financial has built strong working relationships with over 30 of the best providers in the UK, in order to find the right funding solutions for your business.
In 2016, Touch Financial provided £50 million in funding to businesses, and has worked with thousands of SMEs in the UK to obtain the most competitive rates from the top Invoice and Asset Finance providers.
Touch Financial are a part of the SFP group, which provides a range of business solutions within the commercial finance sector.
So, let’s dive into our review of Touch Financial Invoice Finance.
Touch Financial are authorized and regulated by the Financial Conduct Authority, and have experience in multiple industries such as recruitment, manufacturing, wholesale, and construction. Their offerings include:
- Strong relationships with over 30 top providers
- ABFA-qualified consultants
- Wide range of industries served
- Professional service
- Stellar reputation
Touch Financial’s primary objective is to work on your behalf to find the right funding solutions at the most competitive rates. They have an impressive range of lenders including Lloyds, Barclays, Skipton Business Finance, Bibby Financial Services, and MarketInvoice.
Touch Financial uses their in-house algorithms and consultants to understand your business needs, provide suitable funding options, and advise you at no additional cost.
Touch Financial Invoice Finance Costs and Fees
Touch Financial are an independent brokerage that provides you with multiple Invoice Finance options from over 30 lenders in the UK. Therefore, your fees vary between providers and contracts.
At the very least, you’ll face a service fee (cost of running the Invoice Finance facility) and a discount fee (charge on the amount lent). You may also face other contractual fees such as management fees, early repayment fees, and minimum usage fees.
You won’t necessarily receive better rates if you go directly to the Invoice Finance provider, because Touch Financial are the largest brokerage firm in the UK serving a large number of businesses. This means that they have the power to negotiate the most competitive rates from lenders, and can offer you more options to compare.
Touch Financial Products and Services
Touch Financial offers an extensive range of products and services that cover Invoice Finance, Asset Finance, Trade Finance, and Accountancy Services. They work with over 30 of the top providers in the UK such as Skipton, Close Brothers, Funding Circle, Lloyds, and MarketInvoice.
Touch Financial has a variety of Invoice Finance solutions that lets you choose between different funding options for your business. They work with lenders who offer Invoice Factoring, Confidential Invoice Discounting, and Single Invoice Factoring. Their advanced algorithms also enable them to accurately match your business needs to suitable lenders, and their consultants are qualified to offer recommendations.
Touch Financial Invoice Factoring
Invoice Factoring is a popular alternative funding solution that grants you immediate access to cash tied-up in slow-paying invoices. After you raise an invoice with your customer and send a copy to the Invoice Factoring provider, you’ll receive a cash advance of 80-95% within 24 hours. Your provider will handle all collections and credit control on your behalf, and your customers are aware of their involvement.
To qualify for Touch Financial Invoice Factoring, your business should have a minimum annual turnover of £25,000 plus VAT.
Touch Financial Confidential Invoice Discounting
Confidential Invoice Discounting is similar to Invoice Factoring, except that your relationship with your provider is not disclosed to your customers. You can instantly unlock up to 100% of your sales ledger value within 24 hours, depending on your provider.
What’s more, you handle your own credit control and collections, which is great if your business has capable in-house facilities. Essentially, your provider’s main role is a lender, and won’t handle your customer collections on your behalf.
Touch Financial Confidential Invoice Discounting is suitable if your business has a minimum annual turnover of £100,000 plus VAT.
Touch Financial Single Invoice Factoring
Single Invoice Factoring (or Spot Factoring) allows you to submit individual invoices for factoring on a pay-as-you-go basis. You receive an immediate cash advance of 70% to 85%, depending on your provider, and there are no contractual obligations. You simply pay to raise working capital on the single invoice you submit to your provider.
Touch Financial Single Invoice Factoring is a great fit for you if your business requires flexible funding and has occasional working capital requirements.
Touch Financial Credit Protection
Touch Financial offers Credit Protection on your debtors and invoices, in the case that debt ages or one of your customers becomes insolvent. You can protect up to 95% invoice value, and Touch Financial conducts thorough credit checks on your customers, at no additional cost.
Credit Protection is also known as Bad Debt Protection, and is a useful mechanism to ensure your finances are always protected.
Touch Financial Trade Finance
Touch Financial Trade Finance provides your business with the necessary working capital to purchase goods from suppliers and fulfil ongoing customer orders. It enables you to increase your sales and grow your business, as it also accommodates your import and export needs.
Touch Financial has an extensive list of lenders that can provide funds and expertise to help you overcome the obstacles of international barriers such as laws, regulations, language, and currency. You also have the option to combine Trade Finance with Invoice Finance to increase your available funding.
Trade Finance is available to your business if you have a viable track record of fulfilled orders, profitability, business stability, and at least 2 years trading history.
Touch Financial Asset Finance
Asset Finance is another popular alternative funding solution that allows you quick access to necessary assets such as machinery, equipment, and vehicles, by using them as security. Your Asset Finance provider purchases the asset for you, and you choose between Hire Purchase or Leasing.
Hire Purchase spreads the cost of the asset over a period of up to 5 years, in which you regularly repay your provider. At the end of the term, you will have full ownership of the asset.
Leasing allows you to lease the asset for a monthly fee, without the obligation to purchase it. Once you have no more need for it, your provider sells the asset and often gives you the majority of the sales.
Touch Financial Start Up Funding
Touch Financial offers funding solutions for startups within the professional services and technology sectors. Their providers unlock up to 100% of your invoice value, and provides further assistance with back-office administration such as invoicing and order processing. You are free to manage your new business and focus on growth, while your provider handles everything else.
Touch Financial Unsecured Business Loans
Unsecured business loans allow you to keep your assets, as opposed to traditional loans which use them as collateral. Their flexibility makes unsecured loans a popular choice amongst new or growing businesses that don’t have enough high-value assets.
Touch Financial allows you access up to £350,000 and does not risk your assets as loan collateral. In turn, you receive the necessary working capital to pay your suppliers, expand your business, and cover expenses.
Touch Financial Accountancy Services
Touch Financial works with partner organization Just Accountants, to find the right accountant for your business. Just Accountants has strong relationships with over 130 accountancy firms in the UK, with local networks of accountants ready to help you. The search and initial consultation process is free of charge.
Touch Financial Customer Support
Touch Financial offers telephone, email, and live chat support during regular business hours. Their headquarters are located in London, where you can arrange an in-person meeting with an adviser.
A consultant will help you find the right solution by providing expert recommendations and valuable industry knowledge. All Touch Financial consultants have passed (at the very least) the foundation level exams of the Asset Based Finance Association. They also have professional training that ensures they are well-equipped to help you.
Once you have chosen an Invoice Finance provider, your consultant continues to be your point-of-contact, dealing with any problems and questions you have regarding your facility.
Touch Financial Invoice Finance Contracts
Touch Financial are a brokerage that connects businesses with Invoice Finance providers in the UK. Therefore, your contract will differ depending on which provider you choose, your funding needs, and invoice payment terms.
Invoice Finance contracts range from simple pay-as-you-go schemes, to rolling contracts, and finally long-term contracts. Touch Financial matches you with the most suitable providers and contracts for your business, and takes into consideration whether you have seasonal cash flow requirements or ongoing working capital needs.
Touch Financial also offers this handy Invoice Finance calculator that estimates your potential funding, as well as fees.
Touch Financial Reputation
Has an excellent reputation amongst UK businesses as a trusted Invoice Finance brokerage that connects you with top lenders at the most competitive rates.
Touch Financial has an impressive collection of case studies that demonstrates their ability to serve multiple industries such as construction, manufacturing, and engineering. Their clients say that Touch Financial was able to find the right funders, and sort out every part of the process just after one phone call. Overall, Touch Financial provided their clients with a smooth, flexible, and effective experience that allowed the businesses to grow with access to more funds.
On Feefo, Touch Financial currently has a 4.9 out 5-star rating from 45 reviews in the past year. Their past and present clients highly recommend Touch Financial due to their helpful resources and consultants that took the time to understand each of their businesses. The reviews praise Touch Financial services as being fast, approachable, and friendly.
Comparing Touch Financial Invoice Finance
Touch Financial are the largest Invoice Finance brokerage in the UK, and has relationships with all the top providers such as MarketInvoice, Bibby Financial Services, Skipton Business Finance, and Lloyds. We’ve compared Touch Financial with these companies to show the difference of going directly to them, as opposed to using Touch Financial as a broker.
|Invoice Factoring Providers||Touch Financial||MarketInvoice||Bibby Financial Services||Skipton Business Finance||Lloyds|
|Cash Advance||80-95%||Up to 90%||Up to 100%||Up to 90%||Up to 90%|
|Time to Receive Funding||Within 24 hours||Within 24 hours||Within 24 hours||Within 24 hours||Within 24 hours|
|Annual Turnover||Min. £25,000||Min. £100,000||Not specified||Not specified||Min. £50,000|
|Contract||Varies||Pay-as-you-go or monthly||Rolling, unlimited contract||Varies||Varies|
|Bad Debt Protection||Offered||Not offered, but has add-on credit insurance||Offered||Offered||Offered|
Touch Financial offers more options between contracts, that allows you to choose the best terms and rates for your funding needs. Their minimum annual turnover is also significantly lower, as they can connect you with companies that only require annual turnovers of £25,000 to qualify for Invoice Factoring.
Should You Use Touch Financial Invoice Finance?
Touch Financial has strong relationships with over 30 of the UK’s top Invoice Finance providers, and offers you a variety of options at the most competitive rates. Invoice Finance is a popular alternative to bank overdrafts and loans because it allows for quick business growth without having to use assets as security.
However, some business owners find that they are unsure which provider is right for them, and this is where Touch Financial comes in. Their qualified consultants and advanced algorithms work to understand your business and recommend the most suitable solutions.
Touch Financial has a broad range of services that also offer solutions to new, growing businesses that don’t have the assets or trading history to qualify for regular Invoice Finance.
It’s important to note that you won’t necessarily get a better deal if you approach their providers directly. Touch Financial’s position as the UK’s top brokerage firm means that they introduce a lot of clients to their Invoice Finance providers, which allows them to obtain market competitive rates.
Touch Financial Review
Touch Financial are an award-winning Invoice and Asset Finance brokerage with secure relationships with the top Invoice Finance providers in the UK. Their lenders range from long-established financial institutions to new, innovative Invoice Finance providers.
Touch Financial works on behalf of businesses like yours to get the best rates and contract terms, while offering additional administrative support and industry knowledge. They have experience in multiple sectors including recruitment, manufacturing, wholesale, and construction, which means they understand your unique business needs.
All in all, Touch Financial studies your business and looks at all of their lenders’ offerings, in order to provide you with the most suitable funding options. If you are unhappy with your current Invoice Finance provider, or are unsure of which provider to pick, Touch Financial is able to advise you on the best solutions.
If you’re interested in finding out more about Touch Financial or receiving a quote, be sure to reach out to a customer representative.