IDeal is the next generation of invoice finance facility, specially designed by Close Invoice Finance. We have taken the traditional benefits of invoice discounting and applied the latest technology to create a secure online system that will revolutionise the way you manage your cash flow. IDeal is the logical step forward for businesses in a constantly evolving and challenging economic climate.
What are IDeal and Invoice Discounting?
IDeal is an online invoice discounting facility, unique to Close Invoice Finance.
Invoice discounting generates funding for your business by releasing the cash tied up in your sales ledger. It is different from factoring because you remain in full control
of maintaining your sales ledger, credit control and collection activities.
It is also confidential so there is no need for your customers to know you
have our funding arrangements in place.
How does IDeal work?
IDeal uses up-to-the-minute technology to lift sales ledger information
directly from your accounting system and reconcile your sales ledger
automatically, every day so you can draw down cash as and when you
need it, in line with your business growth.
IDeal integrates seamlessly with your accounting software and therefore
eliminates paperwork. Your files are transferred electronically to us with one easy
click of the mouse, completely removing the need for month-end reconciliations and double-keying of invoices, saving you time, effort and money.
IDeal's benefits:
Releases up to 15% more funding than traditional invoice discounting facilities
Eliminates paperwork and laborious month-end reconciliations
Integrates with almost all accounting packages
Quick and easy installation process
Full after-sales support and service
Is IDeal for you?
IDeal is available to any business using an electronic accounting software package and having UK sales of goods or services on normal credit terms of at least £200k per year.
Invoice discounting is usually only made available to businesses that satisfy quite strict credit criteria. Depending on the providers' approach to risk, many smaller, newer companies will typically be offered factoring as the most suitable funding facility. IDeal changes all this due to the real time exchange of payments and greater transparency the system provides.
How much will it cost me?
Our charges fall into two main categories:
A monthly administration fee, which will be set according to the
turnover of your business. This will typically range between 0.10% and
1.0% of your turnover. Alternatively this can be arranged as a fixed monthly fee.
A discount charge calculated against funds drawn at a rate comparable to,
and often better than, your existing overdraft.
