Factoring Solutions – Helping You Choose The Right Factoring Company
Factoring and invoice discounting is being used by over 41,000 companies UK wide, according to statistics released by the factoring companies' trade association. With so many companies using factoring and invoice discounting it is fast becoming another industry where you need to tread carefully.
Due diligence is essential when you look for an invoice factoring or discounting company as there are so many things to thinks about. Many companies make the mistake of signing up with the subsidiary of their bank without first establishing whether or not there are more suitable options available.
Unlike most other financial facilities, factoring and to a lesser extent invoice discounting, is the provision of finance geared to a service and that service element is not only highly important but also highly variable from one factoring company to another. In general terms the big bank owned factors do not rank well in the service stakes with one even outsourcing it's credit control function to India.
The way that the factoring company operates and the quality of service that it offers is important as it can affect the financial health of their client company and therefore selecting the wrong factor can have devastating effects as we will try to explain.
Despite the importance of selecting the right factoring company it seems that many companies using invoice finance to speed up cash flow still find their factor by looking in the Yellow Pages - which is surely why there are so many factors beginning with the letter A - or asking their accountant or insurance broker, who's probable knowledge of the industry comes from the industry salesman who has most recently canvassed him.
It should be straightforward but in reality it isn't and as we have very real concerns with the way that some invoice finance companies operate we have set out details of the possible pitfalls in the following pages including such matters as "Why some factoring companies offer such a poor service" and "Why the cheapest quote often works out much more expensive in practice" plus details of the hidden extra costs that some factors slip in.
There are no charges for our services they are FREE and you therefore have nothing to lose but hopefully much to gain by speaking to us as we only introduce people to one of the few invoice finance companies that actually perform.
Please note that unlike some of the other websites with high Google rankings we are genuine factoring brokers with many years of experience unlike some of our supposed competitors who are either lead generators or website designers. The lack of a telephone number is often an indicator that they don't want direct contact either because they have no factoring industry knowledge or else because they are busy on their "day job"
For an informal, friendly chat with an expert, please contact Factoring Solutions NOW on 01827 707680 or click on the links for details on selecting the factoring company and why the cheapest factoring quote often works out more expensive in practice
Factoring Solutions
5 Torridge, Hockley, Tamworth,
Staffordshire B77 5QL
Tel: 01827 707680
Email: infoNOSPAM@factoringsolutions.co.uk
(please remove NOSPAM from email address)
Founder member of the Independent Factoring Brokers Association
Read about the tricks that some of the factoring brokers get up to
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