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Definitions (57)
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retail finance
A loan based on future debit and credit card sales. Suitable for businesses which deal direct with the general public.
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glossary of terms
Accounts Receivable – Amounts owed to you by your customers where you have given credit terms and raised invoices ie your sales or debtor ledger.
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advance
The amount of money that an invoice finance provider will give you against your invoices. This is expressed as a percentage eg 85% of the invoice value is advanced to you.
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aged debtor ledger
A report showing your outstanding invoices arranged by due date. Also referred to as the sales ledger.
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asset based lending
A funder combines a range of facilities to raise finance against business assets of a company eg debtors, plant, machinery, property and/or stock.
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asset finance
A facility which releases funds based on the value of assets eg plant, machinery, property or stock. Can be arranged as hire purchase, leasing or stock finance.
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assignment
This transfers title of the outstanding debts to the funder. For disclosed facilities a notice is usually printed on to invoices to advise customers that the funder should receive payment.
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bacs
(Bankers Automated Clearing System). Allows electronic payments to be made from one bank to another. A BACs payment takes 3 days to clear.
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bad debt protection
(BDP) Also referred to as credit insurance, it offers protection against the insolvency or administration of a buyer. It can also include protection against buyer default for export transactions.
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broker
A specialist who helps source a finance facility and makes the introductions to a finance provider.
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