Factoring Blog, 11th March 2016

Are Factoring Clients Happy?

Another Satisfied Client
Another Satisfied Client

This has been a busy week marketing for Factoring Partners, with many existing and potential clients spoken to. Interestingly and encouragingly the majority of businesses, that already use some kind of invoice finance, with which we have engaged, express overall satisfaction with their chosen invoice financier.

My evidence is anecdotal for the sample size is by no means representative but nevertheless experience suggests the overall reaction could and would be extended to a representative sample size.

Of course there are instances where clients express concern at service levels or funding but dig a little further and the suspicion, in those instances, is the invoice financier is withholding funds for a prudent reason.

Assuming my non representative sample could be extended and in general there are good satisfaction levels amongst clients it remains something of a mystery as to why client numbers are not growing quicker than they are, particularly amongst businesses in the annual turnover range of £1m to £5m.

Invoice finance, in whichever format it takes, offers any user a fantastic opportunity to fund their business in a cost effective manner with reliable access to an appropriate level of finance that reflects growth.

The education process about invoice finance is a fairly laboured one and its incumbent on providers, large and small, to continue to invest in getting the message across.

Away from the world of invoice finance the shall we stay or shall we go debate tediously carries on. This week The Governor of the Bank of England involved himself to the obvious upset of a couple of politicians. Mr.Carney’s involvement reinforced my own view that we should stay in, a view further reinforced by criticism from an MP called Jacob Rees Mogg who appears and sounds like an absurd caricature.