Case Study 5 – factoring poor levels of service
Factoring and Poor Levels of Service
Factoring Solutions received three enquiries in the same month recently from companies all unhappy with their existing factoring arrangements. Invariably this means that the companies were suffering cash flow problems caused by their factoring company’s inflexibility or substandard performance.
Two of the enquiries from companies unhappy with their existing factoring arrangements were co-incidentally in similar lines of business but with different factoring companies.
Both complained of poor levels of service from their independent factors, mainly in relation to the lack of credit control and we introduced both companies to a factoring company who not only claim to have first rate levels of service but will back up their sales pitch with a guarantee to refund the charges if the client isn’t happy with the service for any reason.