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Invoice Factoring
Getting an order is one thing; getting paid is another
Invoice Discounting
Invoice discounting is another popular form of invoice finance
Asset Finance
There are a number of ways to raise capital apart from the more traditional methods
Equity Finance
With programmes like ‘Dragon’s Den’, most people are aware of how equity finance works
Changing invoice factoring provider?
CAS is sometimes contacted by company directors who are keen to change their factoring company. This could be for a number of reasons, including:
- The existing provider will not approve a new customer
- It will not advance more funds on an important customer
- The company would like to source a cheaper product
- The provider does not understand the business/sector
- They are not receiving a good service.
If any of the above are applicable to you it would make sense to talk to us to explore the possibility about changing your provider. It is not a difficult process and with today’s electronic and automated systems is is relatively stress free.
However before changing providers we will need to investigate why the current funder has made certain decisions.
For example the most likely reason the current provider refuses to approve a new account or does not wish to advance more funds on an important customer is because either:
- Your new customer has a poor credit rating and is considered a bad risk or,
- You have factored up to your allowed amount.
Both these aspects concern customer credit and, although credit decisions are not standard, some providers tend to use the same sources. Therefore, careful consideration needs to be given as to which funder to use. With our knowledge of the market we can put you in touch with a provider that will be more ideally suited to your needs and therefore offer a more flexible approach for your requirements.
Many directors who approach us simply want to explore the possibility of getting a better deal, which we have managed to achieve for a number of companies, bringing them considerable savings.
For example, through our advice, we helped one company with a turnover of £3m to save £20k per annum in finance charges.
If you feel the problem is that the provider simply does not understand your business or sector, it is important to consider a change. It is essential for their to be harmony in the relationship as invoice finance can provide an essential service in the smooth running and success of the business.
Before changing provider, it is essential to speak with CAS as we have an in-depth knowledge of the industry and a good spread of client providers – both banks and independents.
Changing factoring provider?
CAS is sometimes contacted by company directors who are keen to change their factoring company.
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Industry news
Case studies
A hardware store in Leicester approached CAS to ask us to have a look at its current invoice finance agreement and to advise them whether it was getting a good deal.