Irish firms using invoice finance turned over €25.9bn (just over £20bn) during 2015, an increase of 2% on the previous year. The figures are at their highest since such records began back in 2002.
It’s a well known fact that cash flow issues stemming from invoice payment delays can cripple businesses, and this is becoming more and more common across the continent, not just in Ireland.
Invoice financiers are able to advance firms up to 85%, sometimes more, of an invoice’s value up front, helping businesses avoid the inconvenience of waiting weeks or even months for payments.
The €25.9bn figure is made up of 2,000 Irish businesses who use the product, which is quickly becoming the finance product of choice for companies conscious of how positive cash flow can aid progression.
Dublin-based entrepreneur Simon Carrigan told SME Invoice Finance: “It’s no real surprise to see the collective turnover of firms using invoice finance increasing. We use the product ourselves and it has really been a lifeline for us. Previously we were only able to grow in-line with when our cash came in from clients. Now we can unlock that money straightaway”.
If your business has a strong reliance on positive cash flow and you’re finding yourself increasingly at risk of lengthy invoice clearing times and delays, speak to SME Invoice Finance today and see how we can help assist your growth.