Team Factors offers invoice factoring solutions to SMEs, with a particular interest in the recruitment sector – but does it have good reviews?
Team Factors is by no means the most comprehensive provider of invoice financing on the market, with just one offering – the aforementioned invoice factoring, which means you will need to reveal your relationship with Team Factors to your customers.
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However, this is tempered by fast and efficient administrative processes, with an account typically approved and active within 48 hours, and up to 90% of the value of all factored invoices then released within 24 hours.
Team Factors business loans and finance
- Pros and cons
- Invoice finance
- Asset finance
- Commercial mortgages
- Business vehicle finance
- Merchant cash advance
- Business loans
- Business credit cards
- Team Factors key information
- Team Factors reviews
- Business eligibility criteria
- Business finance alternatives
- Additional considerations
- FAQ
Pros and cons of Team Factors for business finance
| Pros | Cons |
|---|---|
| ✓ Quick setup of an account – most are approved within 48 hours | ✗ Absolutely no online reviews – this could be considered a major red flag! |
| ✓ Payment of up to 90% of invoice value within 24 hours once an account is live | ✗ Limited product scope – just invoice factoring |
| ✓ Rolling 30 day contracts, so no long-term commitments | ✗ You must relinquish all credit control to Team Factors |
Invoice finance
Team Factors offers two invoice finance products:
Invoice factoring
If you apply to work with Team Factors on this basis, your application will be assessed and hopefully approved within 48 hours. After this, you will submit all customer invoices to Team Factors, who will release up to 90% of the invoice value within 24 hours and take over credit control. Once your customer pays the invoice in full, Team Factors will send you any remaining funds owed, minus a fee for their service.
Recruitment finance
Exclusively designed for businesses in the recruitment sector that frequently deal with high-value invoices, Team Factors will offer a bespoke = factoring package that offers immediate release of funds as an advance against outstanding invoices.
Asset finance
✗ Not available from Team Factors. See best asset finance.
Commercial mortgages
✗ Not available from Team Factors. See commercial mortgages.
Business vehicle finance
✗ Not available from Team Factors. See business vehicle finance.
Merchant cash advance
✗ Not available from Team Factors. See best merchant cash advance.
Business loans
✗ Not available from Team Factors. See best business loans.
Business credit cards
✗ Not available from Team Factors. See best business credit cards.
Team Factors key information
| Phone number | 01923 882910 |
| App downloads | N/A |
| Website | www.teamfactors.co.uk |
| Number of branches | N/A – Team Factors is an online business |
| FSCS protected? | No |
| Founded | 2010 |
Team Factors reviews
| Review platform | Score | Number of votes |
|---|---|---|
| TrustPilot | Not reviewed | N/A |
| Feefo | Not reviewed | N/A |
| Reviews.io | Not reviewed | N/A |
| Smart Money People | Not reviewed | N/A |
| Which? | Not reviewed | N/A |
| Average score | Not reviewed | N/A |
Business eligibility criteria
To qualify for invoice factoring through Team Factors, your company must have an annual turnover between £250,000 and £5,000,000.
Business finance alternatives
As Team Factors has quite a narrow product range, you may wish to consider other invoice finance lenders. Here are the most direct competitors of Team Factors.
- Bibby Business Finance
- Close Brothers
- Creative Capital
- eCapital Factoring
- IGF Commercial Finance
- Kriya
- Novuna Business Finance
- Pulse Cashflow Finance
- Skipton Business Finance
- Time Finance Plc
Additional considerations
Team Factors also offers bolt-ons to invoice factoring clients, including an option to run payroll through Team Factors, generating invoices on your behalf using headed paper bearing your logo, and bad dent protection in case your customer fails to settle an invoice.
FAQ
Call Team Factors on 01923 882910 to discuss your needs, or leave your details on an online form and request a callback.
Lending on invoice factoring is capped at 90% of the value of an outstanding invoice.
Once you apply for an account with Team Factors you should be up and running within 48 hours, and advances on invoices will then typically be paid within 24 hours.
Team Factors will charge a fee for processing and lending an advance against your invoices. Team Factors is not upfront about this cost – you will only find out how much you’ll be expected to pay once you discuss your business details.
Lending on an invoice financing basis through Team Factors is an unsecured loan.
While it’s true that Team Factors places significant emphasis on what they can do for recruitment companies, they also work with other industries. Call Team Factors on 01923 882910 to discover if your business model qualifies for invoice factoring.