We looked at the market in some detail and decided that an independent commercial finance company with good experience in the SME market and specifically the PR industry – which IGF had – would be the best partner for us. 
Direct Debit
We have developed our direct debit services because we believe that you should be in control of when you get paid for the goods or services you have delivered.
IGF’s Direct Debit Service can help speed up the collection of unpaid sales invoices from your customers. The service provides a much simpler and more efficient way of collecting money that is owed to you and puts you in control of when you get paid. At the touch of a button, money due to you is paid into your account without you having to pick up the phone and chase your valuable customers.
Your time would be freed up so you could focus on the growth and profitability of your business rather than chasing customers for payment.
How does the facility work?
Collection data is submitted to IGF either manually or in electronic file format – including amounts to be collected, with bank account numbers, sort codes and dates.
IGF then sorts the data from your files into collections for each of the banks and building societies and transmits the relevant files to each institution. This data is downloaded into their computer systems and the amounts are collected directly from your customer’s accounts and credited to yours.
The entire process is simple, efficient, well proven- and takes less than three days from start to finish.
If funding or bad debt protection is required then this can be arranged as part of any package offered.
Our basic criteria
To qualify you’ll likely have limited company status. Size is not important as IGF is able to accommodate most businesses regardless of turnover. However you do need to be raising invoices to your commercial customers where goods or services have already been delivered. Preferably you will be making profits and be relatively well established in your sector with proven sales ledger management and credit control systems in place.
The service can also be combined with our invoice finance facility to allow for a funding advance of up to 85% of the gross value of all your unpaid sales invoices, prior to collection via direct debit.
The facility can be ‘selective’ if required and if some customers do not wish to pay via this method then a “tailored” facility to suit can be arranged.
Suitable business sectors
We will consider most business sectors.
Fees
Fees are fully discussed and agreed with you at the start of our discussions. Generally we look to charge an initial set up fee of £5 for each direct debit and then ongoing a fee of up to £1.50 for each collection received. Fees are negotiable and dependent upon anticipated volumes, with discounts for higher usage.
Contract
Our contract is usually for a minimum of 12 months with a 6 months notice period.
Security
To offer a Direct Debit facility IGF provides a comprehensive guarantee to all Banks as to the legitimacy of any direct debits processed with any claims immediately refunded. IGF therefore requires that you also provide some security given it is your customers we are collecting from. This is likely to include a debenture over your business assets along with directors’ indemnities or warranties, dependent upon the strength of your company.
For further information, please call us on 08452 30 40 50 and ask for details of your nearest IGF Representative.