We have been receiving an alarming number of enquiries from clients of RBS Invoice Finance complaining that the goalposts have been moved with factoring facility limits slashed as well as a number of other actions taken that were designed to reduce the amount of funding available.
Yesterday’s enquiry was from a company that had been factoring with RBIF for 10 years and had always enjoyed the relationship until recently, complaining that not only had the facility limit been cut but that the collection effort operated by the bank had worsened with telephone chasing cut out in favour of computer generated letters that I think we all know are a complete waste of time and money.
I introduced this company to a factoring company that don’t continually move the goalposts and offer an exceptional service and when I discussed the case with my contact there I laughingly opened the conversation with “I have another disgruntled Royal Bank Invoice Finance client for you”
Posted under RBS Invoice Finance, factoring
This post was written by Ian on May 16, 2009
Now enjoying life with one of the more commercially minded independents
Did the mentioned client change the factoring company to that one you suggested?
As far as I know, companies find it very difficult to change their current factoring companies. It’s a complicated and time-consuming process that casues too many problems.
Yes he did change and in my experience it isn’t too difficult to change from one of the bank owned factors but some of the smaller independents do try and put obstacles in the way
Is there anywhere to move to for invoice discounting who wont ask for personal guarantees?
The answer to that is “it depends” as the answer would be different for an established profitable company with a proven track record than it would be for a startup