Quotes From Clients Using Factoring And Invoice Discounting
As part of our recent survey of existing factoring and invoice discounting clients, we asked a sample of 100 randomly selected users: "Why do you think more buisnesses that need funding don't use invoice finance?".
These are a few of the actual quotes, comments and feedback that existing clients using these products gave, in answer to that question:
- "Because its not advertised".
- "Don’t know, it works really well and is worth the money for the peace of mind".
- "Not enough out there about it, never heard of it until accountant mentioned it and now I couldn’t recommended it enough".
- "Haven't a clue although if they are just looking for funding it may work out expensive but as a package to help chase and boost cashflow it works really well and is cost effective, would be lost without it".
- "Probably don’t know it exists".
- "Not enough out there about it, needs big campaign to make businesses aware of what it is".
- "We use it for help with collections, the improved cashflow is just a bonus".
- "Not enough info out there, I'd never heard of it".
- "Not promoted enough, we would thoroughly recommend it".
- "Just go down the overdraft route as probably don’t know what other options are out there".
- "Don’t know, works well, far better than overdraft as it grows with you and you have control over it".
- "The reason we use it is so we have a third party chasing payment and its easy. Maybe if it was sold as that rather than "funding" it would appeal".
- "Not advertised and understood enough".
- "No idea they should!".
This selection of responses show a general appreciate of the product amongst exising users. They also suggest a number of recurring themes:
- Lack of awareness, promotion and advertising.
- Needing to appreciate the overall package of benefits, over and above products such as overdraft.
These are issues that the invoice finance industry could work towards addressing.
My personal favourite of these comments was the last one: "No idea but they should!".