• Guide To Moving Invoice Finance Companies

    Our free guide how to move between invoice finance companies, hassle free.Moving invoice finance companies is something that clients can be very cautious about, often because they anticipate a lot of hassle and paperwork. That will not necessarily be the case, especially if you don't have hundreds of customers, but we have researched what customers often fear might happen when they move providers, so that we can put those fears to rest.

    We have also put together this free guide to moving between invoice finance companies that may help.


    Finding A New Invoice Finance Company

    The first aspect to tackle is the actual finding, and comparison, of different facilities and offers from alternative providers. You can read our guide to invoice financing, which explains the various product options, and how they all work.

    We can help you get alternative quotes, from different providers. We can also explain how these compare with what you already have, and we have a lot of research about the different invoice finance companies.

    Comparing Offers

    You should see our guidance articles below, about how to compare providers, offer letters and avoid some of the pitfalls:

    Guidelines When Moving Invoice Finance Companies

    Once you have an offer agreed with a new provider, the next steps are about how to make the move between providers, in a manner that presents the least amount of hassle. If you don't have hundreds of customers, the process should be relatively straightforward. You will also be keen to avoid any cash flow impacts, so below are some helpful points to consider:

    1. There is help available to assist you in moving between invoice finance companies.

    2. Are your old and new providers members of UK Finance? If they are, the migration process will be governed by an agreed procedure for interfactor transfers, that simplifies and standardises everything.

    3. Are the bulk of your invoices paid at a specific time? For example, you may be paid towards the end of the month by the majority of your customers. It may sound like common sense, but arrange the transfer for shortly after the time that the majority of your payments come in. This will give you the best part of the next month to speak to all your customers and make sure that they have updated the bank account details that they pay into, avoiding any payment delays that could cause cash flow problems.

    4. Once a transfer date has been agreed, ask all of your sales and accounts staff to regularly remind customers of the date of the changeover, and the new bank details to pay into from that date.

    5. Before you leave your existing provider, get the contact name, and number, of somebody that can help with cash allocation queries. This may be useful if you are trying to find out about any payments that are accidently paid to the old provider, by your customers.

    6. Once you have transferred, there is no harm in reminding customers of the new payment details and checking that they have processed the change. A little additional effort can avoid queries and payment delays down the line.

    7. Ask your new invoice financier for a similar contact that can help with queries regarding cash allocation.

    8. Keep an eye on your remittance advices from customers. Check that those payments have been received by your new provider.

    9. If payments have not been received, check with your previous provider to ensure that they haven't received them, and placed them in an unallocated cash suspense account.

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Examples of just a few of our finance partners:

metro bank sme finance
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