What is CHOCCS?
CHOCCS stands for Client Handles Own Credit Control, and works in much the same way as a disclosed factoring facility. The key difference is in the name, in that it is the client’s responsibility to collect payment from their customers, enabling the business to retain and continue building its key relationships.
The facility allows businesses to access up to 90% of their invoices within 24 hours of their issue, helping to overcome the cash flow challenges posed by trading on credit terms. This funding can then be used to pay suppliers on time and meet a variety of other day-to-day commitments, such as paying wages.
Like other factoring and invoice finance facilities, bad debt protection can also be incorporated to provide additional peace of mind.