• Can Anyone Explain The Benefits Of Cryptocurrency Invoice Finance?

    Can anyone explain the benefits, to an average SME, of using blockchain cryptocurrency invoice finance?

    The important distinction here is the benefits to the SME using the facility, rather than the investors backing the service and the benefits of cryptocurrency over and above the normal benefits of using invoice finance - with which we are acutely familiar as invoice finance brokers.

    New Invoice Finance Platforms

    I have watched with some interest two recent developments in the invoice finance arena. Two new invoice financing platforms have launched, focused around the use of cryptocurrencies as their USP (unique selling point). One of these was the subject of a previous post about the use of cryptocurrency invoice finance.

    Cryptocurrency And The Blockchain

    Cryptocurrencies are standalone units of digital currency, that can be moved between parties, with all transactions being recorded on what is called the "blockchain". In this way there is no need for a bank. Usage can be almost anonymous, but with that comes a lack of recourse if you make a mistake.

    Anonymity

    The anonymity has made cryptocurrency popular with criminal elements, such as those behind the recent payments demanded from the NHS (and others) in respect of ransomware that held some of their old computers hostage. The payments to release those computers had to be made in Bitcoin, the most popular of the cryptocurrencies.

    Benefits Of Cryptocurrency Invoice Finance?

    I have read how one of the benefits is making an invoice unique such that it cannot be sold twice (a benefit for the investors rather than the SMEs using the service). This is an age old problem within the sector, and all invoice finance companies have procedures to avoid duplicate invoices. The issue is often more to do with the ability to duplicate, or invent, the underlying transaction, rather than the invoice itself. But assuming that the use of cryptocurrency does reduce the chance of duplicate invoices, this seems to be a benefit to the investors that are backing the invoice finance company.

    Secondly, I can see that if you, the SME business, happened to hold or need cryptocurrency it might be an attractive idea. However, I have never heard any of our prospects or clients using cryptocurrency and I suspect that currency speculation is way beyond the skillset and risk appetite of most of the businesses that we come across. Assuming that invoice discounting for criminal elements is to be avoided, I am trying once again to understand the benefits to the average SME.

    I can see the attraction to investors that have seen the almost bubble like rise in the value of these cryptocurrencies - I can see that perhaps they want to invest in the hope of further gains. So perhaps this could draw in investors to back an invoice financier that might not otherwise be interested. However, there seems to be no shortage of people willing to put money into the invoice finance sector at present, so again I am not sure it's a major benefit for the SMEs in the invoice finance marketplace which is already oversupplied.

    Can You Explain The Benefits To An Average SME?

    So I come back to my initial question. Please can someone explain the benefits of cryptocurrency invoice financing to the average UK SME e.g. a recruiter, printer, haulier or manufacturer? Feel free to post your comments below.

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    How green is your invoice finance deal? There are options that reduce the carbon footprint, by virtually eliminating paper, and hence reduce your environmental footprint: How Green is Your Invoice Finance?....

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    Single Fees At A Premium

    Often invoice finance users are attracted to the idea of a single, predictable, fee rather than separate service charge and discount fees.However, in some cases single fee arrangements are charged at a premium to the regular charging structure.If the single fee arrangement is going to be charged at a premium, the client needs to think carefully about the benefits of taking this approach. It could...

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    35% Invoice Finance Cost Saving?

    We have checked the average cost saving we have found for clients and prospects, looking to cut costs, over the last year. On average we could find a saving for 4 out of 5 prospects. The average saving found was 35% of the projected invoice finance costs (estimated service charge and discount charge, combined).If you want to save on your invoice finance costs challenge FundInvoice to Beat My...

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    Formula 1 Grand Prix Article

    Sean Morrow has written an article explaining the formula 1, grand prix analogy that can be applied to sales and invoice finance companies within our market. Hopefully it will resonate with any readers that are racing fans: Schumacher Ferrari, Hamilton Mercedes Sales Analogy...

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    Unfair Invoice Finance Contract

    One of our finance partners has introduced an innovative approach to their invoice finance contract periods. They are offering their customers a 28 day notice period to terminate the facility (a few providers no offer this) but at the same time committing to a 12 month contract with their client. This gives their customers the best of both worlds. The freedom and flexibility of knowing that they...

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    Quotes From More Existing Invoice Finance Users

    Here are some more actual quotes from invoice finance users about why more businesses aren't getting the benefit of factoring and invoice discounting:Read the full set of actual quotes here: Quotes from factoring and invoice discounting users...

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    What Invoice Finance Users Think About Invoice Finance

    This is another quote from our recent survey of existing invoice finance users. People considering using factoring or invoice discounting want to know what existing users think about invoice finance. Therefore, we asked them why they thought so few businesses use invoice finance in the UK. This is what one existing user of the products told us:"Not enough out there about it, never heard of it...

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    Finalists

    OK, no gong but pleased to be finalists in the Business MoneyFacts Awards 2015??...

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    FundingVoice Magazine Next Edition

    The next edition of FundingVoice magazine is about to be sent out. If you want to subscribe, its free, just go here: Subscribe Free To FundingVoice Magazine...

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    Invoice Finance At The Weekend Even On A Sunday

    We have had an invoice finance enquiry over the weekend, received on a Sunday. Not a day of rest for us, as the prospect has been called back as requested.We don't stick to normal opening hours, lots of business owners don't get any free time in the week to deal with things like finance, so we will do our best to help you whenever you contact us!...

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    Invoice Finance Against Invoices To Argos

    Argos was always synonymous with Christmas for us as children, our Christmas lists were pretty much a list of Argos reference numbers! Hence this is going to be a busy time for any businesses that are supplying Argos.If you are a supplier to Argos, looking to release the money that is tied up in outstanding sales invoices, FundInvoice can help. We have been contacted by funding partners that are...

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    Business MoneyFacts Asset Based Finance Broker Of The Year Application Submitted

    I have just finished submitting our application to Business MoneyFacts for FundInvoice to be considered for the award of Asset Based Broker Of The Year 2015.Fingers crossed!...

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    Funding Above Credit Limits

    A meeting the other day with an invoice finance company reminded me that a common issue for some clients is only being able to receive funding against invoices up to the credit limit on a particular debtor's account. Not all invoice finance companies work this way. There are alternative providers that will allow approvables funding above the credit limit on particular debtors....

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    Hitachi Capital Invoice Finance Letter Of Recommendation

    It's always difficult to know who to trust when you deal with businesses through the web. FundInvoice wanted to make sure that potential customers had the ability to verify their credentials so that they know we are a bone fide organisation that have successfully helped customers that need invoice finance.To help build the trust of potential customers we have added a series of letters of...

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    Invoice Finance Without Being A Homeowner

    Again we have been discussing another prospective invoice finance client that is not a homeowner. Several invoice finance companies now insist on client company directors being homeowners. Thankfully we have factors on our panel that do not insist in this. The whole approach to this is hard to understand. The key security should be the company's book debts, personal guarantee should only be seen...

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    Deed Of Priority For Chargeholders

    Factoring and invoice discounting often work well when combined with other forms of lending. Often an invoice financier will seek to take a charge or debenture over their client's business in order to secure the book debts as their security. This can interfere with other lenders who also require a charge or debenture to secure their own forms of lending. In such situations a "deed of priority" is...

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    Need More Working Capital Than Your Invoice Finance Can Provide?

    Not all invoice finance companies are created equal! If you need more working capital than your current provider is prepared to provide there may be other alternative lenders that can provide more. There are no universal rules or risk policies that apply to the funding levels that are provided by all factoring companies or invoice discounting companies. In fact, there are significant differences...

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    What Is A Recourse Period?

    A "recourse period" is the time after which an invoice finance company will withdraw funding against an invoice if it has not been paid. This is only the case with a recourse style invoice finance facility. There are other options available. The alternative is a non-recourse, where you also receive protection against bad debts. In this case, there is no recourse period, the funding against an...

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    Benefits Of Supply Chain Finance

    The principle benefit of arranging a supply chain finance facility for all your suppliers is that it enables your business to take a credit period from your suppliers, whilst they all get prepayments, from the supply chain finance company against their invoices. The finance is provided at preferential rates to your suppliers based on the strength of your business....

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    Supply Chain Finance

    FundInvoice can also help large organisations, such as supermarkets, with numerous suppliers, find supply chain finance. This is where invoice finance facilities are offered to a large organisation's suppliers in order to allow them access to funding at preferential rates on the strength of the large organisation. This type of supplier finance arrangement can improve the cash flow of all parties...

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    Invoice Finance For Non-Homeowners

    There has been a rise in the number of invoice finance companies refusing to finance businesses where the directors are not homeowners. We have just come across such a lead and fortunately there are alternative invoice finance companies that do not require borrowers to be homeowners. If you are not a home owner and you want an invoice finance facility speak to Sean on: 03330 113622...

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    Factoring Recruitment RPOs

    Recruitment businesses have always been prime candidates to use factoring. However, in recent times there has been a rise in the number of recruitment deals that involve RPOs. These are large recruitment purchasing organisations that then outsource the supply of temporary recruitment staff to smaller organisations. One issue that the involvement of RPOs can cause is the creation of problems for...

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    Zero Effort Invoice Finance Cost Savings

    Do you want to save money on your invoice finance costs but don't have time to look around the market for quotes? FundInvoice offer a service that won't take you more than a few minutes to use. All they need are a few details of your current facility costs, the percentage that you want to save on those costs and they will do the rest for you - and they won't charge you to use their service. Call...

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    Factoring Insurance Company Invoices For Car Crash Repairs

    The benefit of factoring car crash invoices raised to insurance companies is that it provides a very secure invoice for the factoring company as they are confirmed as payable by the car insurance company that are liable for the repair. This means that a car body shop can potentially access up to 100% (less charges) funding against those invoices. Hence bodyshop factoring can be an ideal way of...

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    Cheap Invoice Finance For Sub 100K Turnover Businesses

    Cheap invoice finance for sub £100K turnover businesses is being offered by one of our funding partners. This links neatly with my comments about how a certain crowdfunder was receiving a lot of comments about how there were not funding options available to sub 100K turnover businesses.Our funding partner is offering a service fee starting from £199 (+ VAT where applicable) per month to...

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    New Article - Online Invoice Finance Quotations

    New article on the site about Online Invoice Finance Quotations.Worth a read before you apply for an online quote as it covers some of the pitfalls that we have come across over the years such as quotes changing, choice overload and customers focusing only on price rather that the other service considerations that they often tend to come across once they have signed up....

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    Invoice Finance Without Personal Guarantees

    Personal guarantees are often an aspect of financing that customers are unhappy with. Many invoice finance companies offer limited guarantees or even warranties rather than giving a PG and you can also get insurance for the risk associated with giving a personal guarantee - however there are some invoice finance companies who will offer facilities without requiring a personal guarantee.You should...

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    Need Help Paying VAT Tax To HMRC?

    We have just paid our most recent VAT (Value Added Tax) bill to HMRC - its always painful! Keeping your value added tax up to date requires a business to keep the money it collects from sales VAT (after offsetting any deductible purchase tax) separate, and if you have dipped into that money for cash flow purposes you can end up with serious problems paying your next bill - especially as its often...

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    Crowdfunding, Small Businesses And Alternative Finance

    I have been receiving online adverts from a certain well known crowdfunding platform via social media - they seem straightforward enough, funding for businesses with annual turnover of at least £100K using a proportion of a government investment via their platform. Out of interest I have been watching the comments the general public have posted on their advert and some are quite amazing.1)...

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    Asset Based Lending - Full utilisation of all a company's assets

    I come across numerous SME companies who have either overdrafts and/or Invoice Finance facilities yet they are still looking for additional working capital to assist in growth or up coming projects. When speaking to them it becomes clear that in some cases they have company assets that are not being fully used or valued by their existing providers. Asset Based Lending (ABL) provides just such a...

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    New Article From Hitachi Capital Invoice Finance - Inspired Cashflow

    Ready for the launch of our magazine, FundingVoice, Hitachi Capital Invoice Finance were kind enough to contribute an article about their new Inspired Cashflow product. You can read their article here:Hitachi Capital Proves There Is Still Room For Innovation Within The Business Finance Sector With The Launch Of Their New Inspired Cashflow ProductIf you would like to subscribe to FundingVoice...

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    What To Do If Your Bank Overdraft Is Removed Or Reduced

    Article about what to do if the bank remove or reduce your overdraft. Don't panic! Alternative sources of finance are available: What To Do If Your Bank Overdraft Is Removed Or Reduced...

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    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...

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    How Invoice Finance Companies Calculate Prices, Charges & Funding

    A new article setting out, with examples, how invoice finance companies calculate:How Invoice Finance Companies Calculate Prices, Charges & Funding...

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    Have you been turned down for invoice finance as you are not a home owner?

    We have recently seen a slightly concerning rise in the number of invoice finance, factoring and invoice discounting companies that are asking for clients to be home owners in order to receive funding from invoice finance. It would be understandable if a client was required to be a homeowner if the credit were particularly risky and the finance company were looking to this kind of additional...

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    Retailer Finance

    There are a few finance companies that will fund retailers based on their historic or future takings. Retailer finance can include shops and businesses such as restaurants. In some cases the funding can be recovered from a percentage of future takings via the retailer's credit card machine....

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    How Does Invoice Finance Work? Infographic

    Its always difficult to boil down invoice finance into something simple that people can understand. So to answer the question "How Does Invoice Finance Work?" we have produced a simple infographic which shows the process at an overview level.You can view it here: Infographic - How Does Invoice Finance Work?...

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    Free Business Finance Information Pack Available From FundInvoice

    FundInvoice have a new free, business finance information pack, in PDF format which is now available to download: Free Business Finance Information Pack...

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    FundInvoice LLP Launched - New, Free Invoice Finance, Factoring & Invoice Finance Quotation Search Service

    I have launched FundInvoice LLP, a new invoice finance brokerage, with my business partner Sean Morrow.FundInvoice will offer a free, independent quotation search service for invoice finance, factoring, invoice discounting, trade finance and asset finance offering a completely personal service.An exciting new project to get off the ground, the website is under construction but should be up and...

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    Deal Completed - Invoice Finance Costs Reduced By £350 Per Month

    This is an example of the cost savings that can be achieved by moving between invoice finance companies.We were able to assist a client of a bank owned invoice finance company that were looking to save some money on their invoice finance costs.We found them a deal which will reduce their invoice finance costs by £350 each month, a saving equivalent to £4,200 per year, a good saving in the cost...

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    Deal Completed - Alternative Invoice Finance For A Larger Business

    We have recently been able to help a larger business, turning over £8 million per annum, find an alternative invoice finance facility in order to deliver a cheaper facility that would also provide them with more funding than their existing facility. We were able to put them in contact with an independent invoice finance company that are owned and backed by a major banking organisation. This...

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    Breakdown Of Funding Sources Used By High Growth Businesses

    In our recent survey of 100 fast growth businesses (20% or more pa) we asked the respondents to tell us which sources of funding they used. Some respondents used multiple sources of funding and in this set of results each source of funding used was recorded.Below is a breakdown of the funding sources used by a sample of randomly selected high growth businesses: ...

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    Deal Completed - Invoice Finance For A Packaging Company Growth

    A small packaging company were recently found an invoice finance facility.The company wanted the invoice finance facility to support the future growth of their packaging business.Packaging is a straightforward sector for invoice finance companies to support. The simple nature of the product makes it highly suitable for financing.Invoice finance will support their future growth by releasing a...

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    New Business

    New Business covers the industry roundtable discussion that I attended regarding alternative finance: Alternative Finance Roundtable...

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    Deal Completed - Invoice Finance To Fund Growth Beyond Overdraft Restrictions

    This recent invoice finance deal completed was a cleaning solutions company that were looking for growth finance but their bank overdraft was restrictive and their bank were unwilling to increase their overdraft any further.We conducted a free, independent invoice finance quotation search for them and found them an invoice finance deal with an independent invoice finance provider that are part of...

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    Reducing Your Invoice Finance, Factoring Or Invoice Discounting Costs

    A while back I published an article 6 Ways To Reduce Your Factoring Or Invoice Discounting Costs.I was looking through it just now and it rightly suggests that if you have a whole-turnover invoice finance agreement i.e. all your invoices are factored or discounted, and you don't have a constant need for funding in your business, you could save costs by switching to a selective style agreement....

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    What Are The Minimum Turnover Size Criteria For Invoice Finance?

    Prospective clients often as us "What are the minimum turnover size criteria for invoice finance (factoring & invoice discounting)?". Unfortunately, the true answer seems to be widely misunderstood by small companies and small businesses, there really isn't a minimum turnover. We have recently spoken to a small business who were turning over £60,000 pa and they thought that they were too small...

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    Separating Your Invoice Finance From Your Overdraft Or Bank Loan

    We have previously mentioned the consideration some clients have for not putting "all their eggs in one basket" by separating their invoice finance facility provider from their bank who provide an overdraft or term loan, for example in my article about How To Choose A Factoring Company.However, we have had an example of a prospective client that has experienced how this issue can damage the cash...

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    Deal Completed - Invoice Finance For New Start Carrier Business Overdraft Not Available

    Another case study, this time for a small new start carrier business based in Yorkshire. This was a classic case of a new-start business that needed working capital but had been unable to secure the funding through their bank via an overdraft or loan. This is quite typical of a new start business as they often do not have the assets, trading history and hence financial accounts that a bank needs...

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    Invoice Finance For Payments Via Direct Debit & Credit Cards

    A customer that we were working with recently reminded me that some invoice finance companies are now able to collect debtor payments via direct debit and credit cards from business customers. This facility is not widely available but in recent years the number of invoice finance companies that are able to cope with payments received via direct debit mandates or credit card payments has...

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    The Perfect Invoice Finance Product

    Below is the profile of the perfect invoice finance product (from the customer's perspective) based on our experience and market research:1) Overdraft style finance product that grows with turnover (with invoice finance risk controls behind the scenes) - clients just want predictable levels of funding without any hassle and they want the funding to grow in line with increases in their sales. They...

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    Find Funding Or Finance For A Large Business, Large Company Or PLC

    If you are a large business or large company we can help you find large amounts of finance or funding and we are aware that you will need that funding to be provided at fine rates that reflect the size of your business.We have dealt with businesses turning over up to £250 million per annum and all points in between. Our business finance quotation search service is still free even for large...

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    Invoice Finance Free Newsletter Available

    Our latest free invoice finance newsletter is now available.This month we have alternatives if your overdraft is removed or reduced and case studies about cost saving achieved for clients....

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    New Article - What To Do If Your Bank Overdraft Is Removed Or Reduced

    I have just published a new article on the site - WHAT TO DO IF YOUR OVERDRAFT IS REMOVED OR YOUR OVERDRAFT IS REDUCED.It explains how invoice finance can be an alternative to replace or supplement a bank overdraft....

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    Construction Sector Finance Research - Applications For Payment

    We have recently conducted some research into the construction sector and its finance requirements which I am going to publish.Traditionally invoice finance companies didn't get involved with funding the construction sector but that has all changed. There are now a number of options for construction sector businesses where invoice finance companies have developed specialist funding services for...

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    How To Overcome Invoice Finance Funding Restrictions

    We have been dealing with a prospect who has invoice finance from a provider that has imposed some heavy funding restrictions.The existing invoice finance company were only funding at a low percentage but they had also set their client a completely unrealistic target for debtor days with a reduction of 1% in their funding percentage for every day by which they exceeded the target! This had caused...

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    Business Development Manager Training Gap In Invoice Finance

    Building on the recent theme of why the factoring industry isn't selling more invoice finance to new clients, I recently had an interesting discussion with a recruitment consultant that specialises in the commercial finance industry and has numerous vacant roles on his books for BDMs (Business Development Managers) the term used for sales people within the factoring industry.The recruitment...

 

 

Examples of just a few of our finance partners:

acg
hitachi
inksmoor
metro bank sme finance
ifg
nucleus