Reasons to Switch

If you’re already working with an invoice finance provider, but are not completely satisfied by the service you are receiving, it might be worth considering making a switch. Invoice Finance can be a real asset to your business, particularly if you’re running a SME that has faced cash flow problems in the past, so it’s very important to be confident that you’re getting the best possible service for your investment.

Your reasons for switching could include any of the following:

You do not feel that your needs are being met by your existing service provider
Your old invoice factoring company is no longer supporting your growth/key customers
You’re looking to get a better deal than your current Invoice Finance company can offer

However, there are also factors that might dissuade you from making the change. For example:

You may be concerned that switching Invoice Finance companies will be a lengthy and time-consuming project.
You might be worried about facing charges for leaving your existing provider within the contract period.

A good factoring agency will be able to take ownership of the transfer and arrange it with your current provider on your behalf. They can also make sure that the process is quick and easy, with funds entering your account within a period of one to five days. Look out for companies that will offer you a no-obligation trial period of at least six months, allowing you to get out of the contract without facing exit charges.

The mark of a good invoice finance service is the relationship they build with their clients. Ideally, you should have just one point of contact with your Invoice Finance provider, who you can refer to for all your account needs. Some agencies will even offer to refund a portion of your termination fees to help you to make the switch.