Hitachi Capital Proves There Is Still Room For Innovation Within The Business Finance Sector With The Launch Of Their New Inspired Cashflow Product
Outstanding payments to businesses have almost doubled to £30bn since 2007, with this putting a huge strain on SME’s cash flow - which is where invoice finance comes in.
This great product provides an instant cash injection for companies, with typically 85% of the invoice value being available within 24 hours of the invoice being raised, aiding companies with everyday cashflow as well as giving them the opportunity to expand. Research has shown that companies that use invoice finance are growing faster than those that don’t which shows what a significant effect invoice factoring and discounting can have. 44,000 companies within the UK use Invoice finance however this number should be a lot more as it can often be a cheaper alternative to a traditional bank loan or overdraft.
Research by Hitachi Capital Invoice Finance showed that a high number of people had a negative perception of invoice finance, with common perceptions being thought that it is a complicated and expensive way of financing a business - however this couldn’t be further from the truth!
As a result of this, here at Hitachi Capital we decided to create our award winning Inspired Cashflow product, with the aim being to create the simplest invoice finance product yet. Inspired Cashflow has taken the invoice finance industry by storm, and has won a number of awards within the past year, including ‘Product of the Year’ at the ABL Awards 2014 as well as ‘Business Product Innovation of the Year’ award at the Business MoneyFacts Awards 2013.
This innovative product has just one single fee, which can cost less than 0.5% of the invoice value along with very few other costs (in most instances none). A 6 month trial period is also included with this facility, enabling SME’s who may not have used invoice finance before to try it out and see how much of a positive impact it can have on their cashflow before signing up to a 3 month rolling contract. The facility is quick and easy to set up, with Hitachi Capital being the first within the invoice finance industry to offer an online approval process where you can apply and get a credit decision online.
Inspired Cashflow can be used in an invoice factoring, discounting or CHOCCS capacity, ensuring that the best finance facility can be chosen to meet the cashflow needs of the company. Over 100 clients have taken advantage of this relatively new product, with this number rising rapidly month by month as more SME’s continue to see the benefits that this innovative new product has over traditional forms of business finance.
Here at Hitachi Capital we pride ourselves in supplying the best invoice finance products along with award winning client service which is why we have seen our new business rise by 40% in the last 12 months. With businesses having less confidence in their local banks it is now more important than ever to provide innovative financial products that supports businesses cashflow needs.
This article was contributed by Hitachi Capital Invoice Finance. To receive a quotation from Hitachi Capital Invoice Finance please complete this request form: REQUEST A QUOTATION FROM HITACHI CAPITAL INVOICE FINANCE