Here at Simply Factoring Brokers we help about 60 company’s place their invoice finance requirements a year on average. The companies range from one man bands to large multinational firms. In the blog we are going to give you 3 case studies of businesses we have helped in the recent past and hopefully show you the benefits of dealing with a broker.
Case Study 1
Our telesales team recently found a haulage business that had a facility with another provider and have been a long standing customer up until that point. Once we explained what we did and how we could help, the client then told us he wasn’t happy with the cost of the bank and their service was “un heard of”.
The haulage business has a turnover of £750,000, after taking his facility details we then went to three funders who we thought suited his industry and got a quote from each of them. We decided which one was the best for his company then we went to see the client and he saw what we had saved him and asked us get the ball rolling, as he wanted out of his current facility asap. It was then put straight into underwriting and within a week he was in a new facility and was saving £400 a month against his current facility. He wanted bad debt protection added to his facility which then put his yearly saving down to £3000 a year, still cheaper than his old facility and ours included bad debt protection.
Case Study 2
We received a new enquiry from a new start construction based business who wanted to setup a Confidential Invoice Discounting agreement. The customer had already spoken to 3 finance companies by this point and all of which told him that they couldn’t fund the construction industry because of the contractual nature of their debt. Once we found out what he needed we put him in touch with a funder that could help him put a facility in place straight away. Once the funder met the customer within 48 hours after their meeting the facility was agreed and ready to go as and when the customer was ready.
Case Study 3
We were approached by a business that buys and sells tyres to trade, the business wanted a facility which could also purchase their stock from their suppliers in China (Trade Finance). Given the complexities of the deal this was a tricky one to place, however once we decided on a course of action we have since placed them with a funder who now manages everything so the customer doesn’t have to lay out a penny on their orders, so they get their money when the customer pays. Since we have put this facility in place the customer has taken on £1 million worth of orders.
I hope this blog has given you some insight as to how a broker can help with some fairly tricky situations, from saving you money, to finding you the right home. If there is anything we can help with please don’t hesitate to contact me.