In the majority of cases you may have a very good relationship with your invoice finance partner but even then it is worth reassessing your provider on a regular basis and here are a few reasons:
New services and products may have appeared that may impact positively on your current arrangement
- New providers may have entered the market
- Your agreement may be approaching renewal and typically a 3 month termination period
- Is the facility being managed to your expectation?
- There may be movement on the concentration and personal guarantee levels
- You agreement may simply roll over and renew automatically if you are approaching your renewal
Is obtaining the best price all in important?
Whilst making sure you get the best price available is a key consideration you must also take into account the facility’s service. Are you getting what you asked for and paying for? Like any relationship, they can become stale and may need a fresh look. For example, the price you are obtaining may be quite keen but if your service is poor then you need to address this and rethink your tactics. Perhaps it is worth paying a little more to get the service you need.
If your factor’s experience has been better than expected you may be able to take the opportunity to renegotiate concentration or personal guarantee terms. Removing the personal guarantees could help you sleep a lot better at night too. You may just have the business one of our partners is looking for and we can advise on that or you can see for yourself by comparing the terms.
To get an independent view of whether you are getting the best deal available call 08000 24 24 51 you may just surprise yourself.