Factoring
Solutions Business Banking
and Factoring
Factoring Solutions Business Banking and Factoring
Read
the literature or look at the web site
Have you noticed how many say exactly the same thing? After
the explanatory preamble most will tell you that they offer
“a fast, flexible solution that includes an unrivalled
personal service.”
Can
that possibly be true? Does a clearing bank offer either a
fast, flexible or personal service to the SME sector? If not,
why would it's factoring subsidiary differ.
A
minority of companies will use the services of one of a handful
of specialised factoring brokers who know more about the industry
than anyone else. These brokers have invariably worked at
some time for one or more factors and will ensure that they
keep up to date with all of the industry happenings.
Factoring
Solutions is one such specialist broker with perhaps more
years of industry experience than any other. They know which
factors are unable to make a New Business decision quickly,
where each case has to be approved by a variety of committees
and which ones’ despite claiming to operate a “personal
service” are actually governed by a strict rule book.
Many
potential clients look for the cheapest cost but this can
be very misleading as the actual cost of factoring can end
up being very different to first anticipated.
Some
factors have a credit control service that is so poor that
the debtors end up taking twice as long to pay and the cost
of factoring will therefore end up significantly higher than
first thought.
Another
factor might have quoted a slightly higher commission rate
but will end up cheaper in practice as their credit control
is more effective.
Factoring
Solutions services are free as they receive an introductory
commission directly from the factor and as almost all pay
at about the same rate we have no vested financial interest
in choosing one over the other.
For
further information on Factoring Solutions Business Banking
and Factoring visit the Factoring Solutions Website.
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