Why Don’t the Best Factoring Companies Offer Quotes Online?
Chances are you spend a good proportion of your day glued to your smartphone or tablet. This often entails retrieving online quotes and using comparison sites for a whole range of services, from utilities to mobile phone contracts. This method of searching for and using a service is becoming more and more popular by the day.
Invoice factoring is no exception. But wait a second! It turns out, this may not be the best way to find the right factoring company to boost your cashflow. There’s far more to finding the best factoring companies than just choosing the one with the cheapest rates.
Cheapest Isn’t Always Best
Just because a factoring company is offering the lowest rates for their services, doesn’t mean they’re the best choice – in fact, they may be the worst! The best factoring companies are those who are transparent and provide a high level of service, because ultimately, factoring is about more than just a cashflow boost for your business.
A factoring company provides you with services such as handling your sales ledger admin and credit control, so you need to know they’re reliable. The services you need will affect how much factoring is going to cost you, so getting a quote online isn’t the best move. Bear in mind that opting for the factoring company with the cheapest rate could actually end up costing you more in the long run. If they provide a poor level of service then you may end up paying more than if you had opted for the more expensive (but ultimately more reliable) factoring company!
How to Find the Best Factoring Companies
There’s a reason the best factoring companies don’t offer quotes online – it’s because they know that their rates shouldn’t be the sole deciding factor when a customer is looking to work with them. So what else should you think about before choosing a factoring company?
- Does the company have a low credit limit – and will they refuse to fund anything over this amount?
- Is their credit control operated within the UK (or do they have a contact centre in India)?
- Do they charge an annual renewal fee? These can often be extortionate.
- Do they have hidden fees which could mean you end up paying more than you expected?
Don’t worry if you don’t know the answers to these questions. Factoring brokers are here to ensure you’re matched with the right factoring company for your needs. Here at Simply Factoring Brokers, we’re able to answer all these questions and any more that you have about choosing the best factoring companies. Because we work with a range of factoring companies across different industries like haulage, construction and recruitment, we can match you with a company with invaluable experience in your industry, and we can often negotiate the best rates for you as we’ve been working with many of these companies for a number of years.
No Instant Online Quotes Here!
We don’t provide online quotes for our customers. We know that there’s far more to choosing the right factoring company than just the cost, so we prefer to have a chat with you about your company’s unique requirements and match you with the right factoring company to suit your needs. We work with a wide range of factoring companies who all meet our high standards when it comes to transparency and levels of service – so there are no nasty surprises like hidden fees.
To find out more about invoice factoring and see how much it could cost your company, call us today on 0330 134 2826 for no-obligation advice. You can also email us at firstname.lastname@example.org and we’ll get back to you with some more information.
Latest posts by Portia McGrath (see all)
- 3 Simple Ways You Can Improve Your Back Office Efficiency - January 14, 2019
- Spot Factoring vs Standard Factoring - January 7, 2019
- What is Freight Factoring and How Does it Work? - January 2, 2019