- 18 Apr
Help If You Have Fallen Out With Your Bank
Relationships with lenders don't always run smoothly. Despite our research suggesting that 98% of users would recommend their invoice finance company, sometimes customers fall out with their provider.
Falling Out With Your Invoice Finance Company
In some cases this is fueled by the customer having financial problems, turning to their funder, and not getting the response and support that they had hoped for.
We had a case recently where a client had fallen out with their bank owned factoring company. They felt that they bank had been restrictive in their funding, causing cash flow problems for the business.
From the banks perspective, there were concerns over the administration of the customer's business. Invoice finance companies rely heavily on the quality of the bookkeeping within a customer organisation, as this is the basis on which they fund. If there are problems such as errors, mistakes and oversights with the documentation that underpins trading transactions, the funder may start to restrict funding - in order to mitigate the perceived risk.
Working With The Client To Solve Issues
Rather than remain with a large bank owned funder, we put them in contact with a smaller, independent factoring company. They were able to work with the company on the admin issues. With large funders, often they are very process driven, and there are not the specialist staff to be able to work with a customer to improve aspects such as their paper trail and systems.
This is an example of matching customers with the right invoice finance companies. The modus operandi of each invoice financier is different, you may find it hard to believe, when you are at odds with your existing funder, but and alternative invoice finance company may take a completely different approach to your business.
Alternative Invoice Finance Companies
If you have fallen out with your lender, give Sean a call on 03330 113622 and he will understand the issues, and recommend some alternatives that may be able to give you the treatment that you want. There are approximately 100 invoice finance companies in the UK, there are significant differences between how they handle customers, what level they fund at, what trades they will deal with and how their systems work.
Case Study - Overcoming constant changes of Client Manager.