Your questions answered

Making our confidential invoice discounting clear

Using your invoice discounting solution from SME Invoice Finance Limited is very straightforward. But if you have any question or concerns, there's no need to worry. Here are the answers to questions business owners sometimes ask us. If you can't find the answer you're looking for, email or call us on 0800 083 8835.

A customer has paid an invoice direct to my bank account. What should I do?

This is common problem in the early days of using invoice discounting. If this happens, please transfer the money to us immediately, as delaying could reduce the funds available to you. We'll provide you with a paying-in book for your account with us. Please give these bank details to customers who pay you electronically.

What should I do with customer's cheques?

Please send them to us immediately using your paying-in book.

How should I send an assignment of invoice or credit note schedule to you?

First, complete a covering invoice schedule and attach a copy of your day book listing for the invoices or credit notes. Then email or post them to us. If you're posting and need payment the following working day, please consider using a special delivery service. Unfortunately, we can't accept schedule assignments by fax, or take responsibility for postal delays and other delays beyond our control.

How do I check payments and draw funds?

You can check your account with us online. If you want to draw funds, please call us on 01483 531100. To deal with your request on the same day, you need to instruct us before 1pm. When you call, simply ask us to pay your available funds by BACS (you'll receive the money in two working days) or CHAPS (you'll receive it the same day).

What happens if an invoice is disapproved?

This means you can't draw funds against it. An invoice may be disapproved because:

• your customer is disputing or querying it (for example, due to non-delivery or faulty goods)
• your customer can't pay and the debt is deemed uncollectible
• the invoice has remained unpaid beyond a certain period - usually 60 days past the end of the month you raised it
• the customer's balance to pay exceeds the limits you've agreed with us
• the invoice is in a category which is ineligible for funding under your invoice discounting agreement with us.

What should I do with month-end reconciliations?

It's important you notify us of all items posted to your sales ledger at the same time. At the end of each month, you'll need to complete a reconciliation to ensure our ledger corresponds with yours, and to account for any differences. We must receive your reconciliation by the 15th of the following month. If we don't receive the reconciliation in time, we may need to apply a reserve on your account until it arrives. To help you remember the process, we can provide you with a quick guide.

How do your credit limits work?

We'll normally apply a credit limit to the whole of your ledger, unless we receive adverse credit information on any of your customers. We will agree this limit when your invoice discounting solution begins. If individual customers need larger credit limits, we may agree specific limits, after assessing their credit situation and referring to one or more of the major credit reference agencies.

We often use credit limits as a guide to the credit worthiness of your customers. However, SME Invoice Finance Limited gives no representation or warranty to the accuracy of this information. We agree limits in good faith, based on the information available to us at that time. Please remember that individual circumstances can change and many issues may affect them.

You can use a variety of sources to evaluate a customer's credit worthiness. For more information on this, please email or call us on 0800 083 8835.

When will I receive account statements from you?

We'll send you a detailed account statement every month, including information on all transactions and charges during that period.