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The Cost of Invoice Financing
The Cost of Invoice Financing
In a previous article we outlined the basic processes and principles of Invoice Financing, an arrangement which may provide business owners with a viable solution to short-term cash flow issues.
High Street Banks have traditionally been the largest providers of this type of finance but are now facing competition from other types of lenders such as “Challenger” Banks. One of these institutions has recently surveyed 1000 business owners and managers across the UK for their views on their existing Invoice Financing agreements. The survey concluded that 2 out of 3 participants think they are being over-charged by their Bank.
Because Invoice Financing is not regulated in the UK, providers are not required to be clear about their costs, often leading businesses tied to long contracts littered with hidden fees including paper billing, money transfers and credit checks.
The emerging companies providing Invoice Financing are succeeding through offering greater transparency on fees, greater flexibility and quicker set up times than the traditional lenders.
This widespread disgruntlement among business owners has now led to a campaign to stop the perceived mistreatment regularly carried out by a number of Invoice Financing companies. For more details of this campaign, please check out www.rabf.org.uk
If you would like more information about the alternatives that exist within Invoice Financing, then please contact Chorus Advisers on 0845 8671263 or email info@chorusadvisers.co.uk.
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