Invoice Discounting Clients Research
Our Invoice Discounting Clients Research Survey canvassed the opinions of a random sample of 54 existing clients of invoice discounting companies, during March 2014. Clients were asked to review their experiences of using their provider and to rate their overall satisfaction levels.
Invoice Discounting Survey Findings
We asked them a number of questions to review their invoice finance arrangements and the discounter that they used.
Time With Their Discounter And Product Choices
These are some of the results:
- On average they had used 2.1 different invoice finance companies.
- They had been using invoice finance for an average of 5.7 years.
- On average they had been with their current factoring company for 3.8 years.
These results suggest that the use of the service tends to be medium-term, rather than short term.
Review Of Overall Satisfaction Ratings For Invoice Discounting 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 1/10 to 9/10, a large range.
- There was a 183% differential in the average rating assigned to the best and worst rated invoice discounting companies.
These statistics demonstrate that there are significant perceived differences between providers, even more so than we found in the results of our factoring survey.
Reasons To Move Invoice Discounting Companies
These were the reasons given to potentially move between different providers - "cost savings" being the most common response: Reasons To Move Invoice Discounting Companies
How FundInvoice Use These Results
Fundinvoice uses these and other research findings in order to better educate prospective clients about the options that are available to them.