It’s important that you frequently review any financial facilities that you’ve had, ideally annually. The process of comparing providers is becoming far simpler and, as many have found out with their car insurance, can save you a lot of money.
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The Difference Between Providers Can Be Huge
Invoice finance is no different and it’s arguably more important to check the other offers available in the market. The difference between providers can be huge, with potential improvements to your facility including:
- Lower interest
- Additional services – such as bad debt protection
- A lower service fee
- Increased advance rate
- Better concentration limits
- More intuitive management platforms
- Lower admin fees
- Lower declined invoice rate
- Improved service from the new provider
As you can see, there is far more to it than saving a few pounds each month on interest and charges.
Switching Providers Has Become Far Simpler
Switching invoice finance providers is now far simpler than it once was. We work with our clients to ensure the best possible products can be secured on your behalf. We then liaise with the chosen lender to manage the transfer for you, minimising the input needed from yourself.
We can offer you a free review of your facility, all you have to do is send over details of your existing agreement, along with your current invoice position.
From just that information, we can then compare the terms offered from lenders across the market. This will allow us to identify any potential improvements over your current facility, which we will then be able to clearly break down for you.
If you’re happy with the improved terms, we can manage the application through for you. The process can take as little as five days, although it’s usually around 2-3 weeks.
Interfactor Transfers
Most invoice finance lenders are members of the ABFA (Asset Based Finance Association). Because of this, they work to a certain code of conduct when a business is switching from one provider to another.
This is known as the Inter-Member Transfer Process and is designed to make everything as simple as possible. The rules govern the way transfers are handled and cover:
- Working practices between the old and new invoice finance provider.
- Communication of all cash balances on the account post completion of the transfer for a period of three months.
- Communication between all parties, both during and after completion of the transfer.
To get the process started, an interfactor transfer is completed, which will be actioned by your lender within two days. Both the outgoing provider and the new lender will then work together to arrange the transfer on your behalf, a process which we will oversee for you.
The facility can then be completed for you on a date of your choosing.
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