Case Study 11 – Changing factoring company due to poor service
Advice Changing Factoring Company
A Midlands based manufacturing company contacted us with a tale of very poor service from their existing factoring company who seemed to be unable to keep an accurate sales ledger on their behalf. Due to the factor’s inability to allocate payments from customers at least half of the outstanding debts were in the “end column” and therefore disapproved and not funded whilst in the current columns lay the payments received from the customers which hadn’t been allocated.
This particular factoring company seemed to have an unusually large staff turnover many of whom promised to tackle this problem of poor accounting but who never actually got around to it before they also moved on. There are factoring companies who do pride themselves on their high levels of customer service and it didn’t take us long to find this particular company a new home