CHOCS (Client Handles Own Collections Service) is a form of Factoring that allows you to continue to collect your own invoices whilst receiving funding against the invoices in the same way factoring would fund you.
Therefore your credit control team continue the relationship with your customers whilst your company benefits from the cash made available from your funder.
How do CHOCS facilities work?
Send your invoice to both your customer and finance company and you will receive up to 100% of the value of that invoice.
You chase your own invoices and retain the relationship.
When your customer pays, you will receive any amount remaining less your fees.