Generating Invoice Finance quotes and finding the best deal
The whole purpose of Invoice Finance is to give a business a financial advantage so it really does pay to get the very best deal available. This might be the one which has the lowest fees, meets the needs of the business most precisely or which simply seems to be the best possible “fit” of cultures and aspirations.
Contact a broker
As previously discussed, going through a broker like Touch Financial is the best way to generate Invoice Finance quotes. However, for these quotes to be accurate and meaningful it’s important that the information a business provides needs to be equally accurate and truthful.
Many lender influence whether an Invoice Finance provider will be willing to work with a business and, if they are, the charges they make will also be determined by what they know about the company.
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Information you’ll need to give
To compare Invoice Finance quotes via a broker like Touch Financial a business will need to provide some overall information about their profile and size by filling in a series of online forms on the broker’s website.
The sort of information that will be required is the length of time the business has been established and the annual turnover. It will also be important to give an overview of the number of invoices issued each month and to state how much money is currently outstanding in the form of unpaid invoices.
Providers will also be interested to learn what credit terms the business normally offers. Ideally they are looking for a range of between 30 and 90 days.
The make-up to the customer base will also be of interest and one thing that the provider will be looking for is confirmation that the largest single customer is not responsible for over 30% of total turnover. The main reason for this is that, if the customer found itself in difficulties and could no longer pay, it would leave the business and its Invoice Finance provider in a financially exposed position.
Compare Invoice Finance quotes
Once all the required information is submitted online, Invoice Finance quotes are immediately generated showing the fees which will be payable, the percentage of each invoice value which will be made available by the provider, and the contract and notice terms that have been stipulated.
This information is intended to give a general overview of the costs and rewards of Invoice Financing without mentioning specific providers. The broker will usually then contact the business directly to discuss the quotes in detail.
Tailoring Invoice Finance quotes
It is key at this stage for the broker to get as accurate a picture as possible of the business, its needs and its aspirations in order to give the best advice and find the best deal.
It may be necessary for the broker to ask for some more detailed information in order to provide an even more accurate quote.
From what they learn from this conversation, the broker may also be able to eliminate some providers who would not be appropriate and perhaps recommend others which had not been considered up until this point.
Their close links with Invoice Finance providers may also mean that brokers have exclusive access to special deals and offers which can either drive down the cost or provide an even better or comprehensive service for the same price.
Doing the deal
Once the business has been through the process of getting accurate quotes and choosing a provider, or a shortlist of possibles, it’s time for introductions and the deal to be struck. Hopefully this will become a long term relationship that will be good for both parties – and it all started by getting an instant quote online.
Compare invoice finance quotes instantly online >>
Every month Touch Financial help businesses improve their cash flow with invoice finance. Request a quote to find out how much extra cash you could raise.
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