- 05 Apr
Invoice Discounting Clients Only 5.1% More Satisfied Than Factoring Clients
We have recently completed a large survey of 1,000 factoring and invoice discounting existing clients across a broad list of different factoring and invoice discounting companies. This list was drawn from the numerous invoice finance clients that have either contacted us or we have identified over the years.
One of the questions we asked them was how satisifed are you with your existing invoice finance company? Specifically we asked: Out of 10 with 10 being excellent and 0 being
terrible, how would you rate them [your factoring or invoice discounting company] overall?
We have analysed the results in a number of ways but one way of cutting the data was to separate users of factoring (where they receive funding and a sales ledger credit control service) and invoice discounting (just funding without credit control).
The result was that the invoice discounting users were on average only 5.1% more satisfied than the users of factoring. A very small difference which indicates that clients appears fairly equally satisifed with the funding and the credit control service that they receive from their invoice finance providers. From anecdotal feedback we had wondered if we would find clients disatisifed with the credit control/collections service and hence showing a greater preference for invoice discounting (funding only where they handle their own credit control) however this was not the case. These results clearly confirm a niche for both factoring and invoice discounting without significant difference in satisifaction between different products.