- 24 Feb
Minimum Service Standards for Factoring Brokers
We just had a call from a prospective client enquiring about a factoring facility and they mentioned that they had phoned two other invoice finance brokers but neither of them had called them back! Good news for us but not for the company looking for factoring. You would think that in the current economic climate other brokers would be chasing every opportunity - perhaps they have seen the same increases in factoring enquiry numbers that we have seen, but unlike us, are unable to cope with the growth. Either way, there are no excuses for not delivering what is a minimum standard of service.
The prospect also mentioned that since the advent of the credit crunch his existing factoring company are becoming more and more difficult to deal with, introducing additional restrictions to the level of funding that they make available to the business. This seems to be typical of the approach being taken by a number of factoring companies in recent times. Despite this, there are still a number of factoring companies that are open for business, with money to lend, who are seeing the recession as an opportunity.