- 14 Mar
2.14 Invoice Finance Companies Used On Average
Our market research survey of 100 existing invoice finance users found that on average they had used 2.14 different invoice finance companies during their life as a client. We found that the fewest number of providers used by our sample was 2 and the highest reported was 4. Only 11% of our sample had used more than 2 providers making 2 the norm.
I reported previously that the average usage of invoice finance had been for 5.28 years but that could be across several providers. This makes the average client life with a single invoice finance company 2.47 years - still a significant period of time which I suspect this is closer to the average client life that will be familiar to the invoice finance industry.
These results suggest several things:
- Use of invoice finance tends to be medium term rather than short term
- Clients tend to move between providers at least once during their client life
I have further results to publish that will break down the reasons for moving between invoice finance companies. These will follow shortly.