It's important that you select the best provider for your invoice finance requirements. We recommend you follow these 5 simple steps when looking for and selecting an invoice factoring provider.
1. Customer service is key
Making sure the provider deals with you efficiently and quickly is vitally important as this can be the difference in receiving funds straight away or having to wait days or weeks. Make sure the invoice finance provider can prove they have excellent customer service.
2. Don't get tied in to a lengthy contract
Be careful
bare foot running , most providers tie clients in to a 12 month period with expensive exit fees if the contract period is broken. Test the water first by signing up to a trial period
vibram five fingers cheap , this way you can experience the service and decide to commit only if you are happy.
3. Reputability and Reliability
Don't choose a provider who isn't well known in the industry. Make sure you refer to the industry body; ABFA who will have all reputable providers listed on their website.
4. Don't pay over the odds
Invoice Finance comes at a cost and providers offer a range of prices varying from cheap to expensive dependent on which you choose. Do your research first and see a few providers to find out how much the facility will cost. The cheapest may not be the best
buy shoes online , but don't pay over the odds if you can get equally good service for cheaper elsewhere. Invoice Factoring allows you to release cash for your business using your invoices as collateral.
5. Positive cash-flow for you and your provider
You choose an invoice finance provider to release cash but make sure that your provider also has positive cash-flow. During this uncertain economic period, businesses are finding it hard to raise funds to lend so ask this question when selecting a provider.