Network partner David Meacher-Jones of Dee Commercial Finance has recently completed on the transfer of an invoice finance facility from a high street bank, which restricted the lend on invoices to a number of key customers.

The client also had another offer on the table from an alternative provider who lends at the required levels. We found another provider whose rate wasn’t the cheaper but the cost savings came through the service fee which would save the client c£6k p/a. This lender also bettered the high street in a number of other key areas.

1. Increasing the maximum funding limit for drawdowns.
2. Increased the number of factored accounts.
3. Generated circa £50k of increased funding on day 1.
4. Bettered the existing Lloyds pricing structure.
5. Assisted them with an early exit by offering up to 3 months free on their new facility.

It’s worth noting that with Invoice Finance as there are a number of other fees included, it isn’t always about the rate – There are a number of different reasons that people want to switch.

So it is always worth understanding why the clients aren’t happy or what they are looking for in the facility.