So why sign up for a service only to find it isn’t right? We believe a three-month trial is the fairer way to go.
Some Invoice Finance providers just don't 'get it'
In these recent times we’ve heard the mantra ‘we’re in this together’ quite a lot. It’s a message that suggests, you’re not alone; it seems empathetic. But when it comes to financial providers putting their money where their mouths are some SMEs are hearing ‘sorry, you’re on your own’.
As the world becomes a little less certain, some companies are mitigating risk by reducing their support to SMEs. Businesses that have had relationships for many years with their funding providers are suddenly having the plug pulled on services such as Invoice Finance.
Invoice Finance oils the wheels of many businesses who need the cash where they can see it – in their banks – to pay salaries, pay overheads, or to invest in stock. Cutting off this funding source can be detrimental and if one business suffers, many businesses can feel the tsunami effect of its failure.
We take a more pragmatic approach. While numbers are no doubt important, we also check a business’s history and take a real interest in the people behind it. Not everyone can run a business. It takes guts, creativity, drive and determination so when we speak to business owners who have had their funding reduced it often feels to them like a ‘kick in the teeth’ for all of their hard-work. After all, they’ve been loyal customers and their providers have earned a profit from their efforts.
A flexible approach to Invoice Finance works best for SMEs with solutions based only on what a business needs, not services they don’t use. Taking a people-focused approach means we can often say ‘yes’ to funding where other providers can’t – or won’t.
When it comes to sourcing a new Invoice Finance provider we understand that it can be seen as challenging for SMEs. No business wants to get tied into a long contract with a new funding partner only for cracks in the relationship to show as soon as the ink dries. That’s why we would recommend practical offerings such as a three-month trial period with no lengthy tie-ins so businesses really can ‘try before they buy’.
We are immensely proud of the lasting relationships we have built with our customers, but don’t take our word for it, here’s what just a couple of them have recently said about our support:
Rob Pattenden, Director of Tech Professionals Ltd. said: “When our incumbent funder was unable to increase our facility, we approached BFS who were able to offer an extended funding line to support our growth. The team have been extremely supportive throughout the process - their personal approach is second to none."
Steven Humphrey, Managing Director, Tuber Produce Ltd. said: “Since partnering with BFS last year, we’ve been really impressed with the flexibility of the support and the level of service we’ve received from the team. The combined facility has been fantastic, allowing us to unlock cashflow and maintain strong relationships with our trading partners overseas.”
We’ve been successfully supporting businesses all over the world for almost 40 years and we have local teams of experts across the UK who can give you help and advice on a wide variety of funding concerns. So, if your current provider isn’t being as loyal to you as you’ve been to them, don’t get mad, get a better deal.