Factoring Clients Research
Our Factoring Clients Research Survey canvassed the opinions of a random sample of 46 existing clients of factoring companies, during March 2014. Clients were asked to review their experiences of using their provider and to rate their overall satisfaction levels.
Factoring Survey Findings
We asked them a number of question to review their invoice finance arrangements and the factoring company that they used.
Time With Their Factor And Product Choices
These are some of the results:
- On average they had used 2.2 different invoice finance companies.
- They had been using invoice finance for an average of 4.8 years.
- On average they had been with their current factoring company for 2.2 years.
- 33% used a non recourse product (protection against bad debts).
These results suggest that use of the service tends to be medium term, rather than short term.
Review Of Overall Satisfaction Ratings For Factoring Companies
We went on to ask them to review and rate their overall satisfaction levels with their current factoring company. These were some of the findings:
- The range of ratings assigned to factoring companies, for the client's review of their overall satisfaction, went from 4/10 to 9/10.
- There was a 67% differential in the average rating assigned to the best and worst rated factoring companies.
These statistics demonstrate that there are significant perceived differences between providers. Fundinvoice use these and other research findings in order to better educate prospective clients about the options that are available to them.
Reasons To Move Factoring Companies
This article summarises the key reasons that respondents to the survey gave for moving between factoring companies: Reasons To Move Between Factoring Companies
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