Factoring quotes obtained online are increasing in popularity but whether or not it’s a sensible method of finding a suitable factoring company is debatable and that is why Factoring Solutions as well as most other specialist factoring brokers don’t offer that facility for very good reasons. The cheapest factoring rates rarely come from the best factoring company and in too many cases can actually come from the worst.
If factoring were simply the provision of working capital perhaps trying to find the cheapest option online would be an option but the problem is that factoring is not just the provision of finance as there is a substantial service element thrown in for good measure and it’s that service element that is highly variable from one factoring company to the next and the effectiveness of the sales ledger administration and associated credit control can affect the overall cost of a factoring facility and it is that which makes an automated online quoting system potentially dangerous.
What is the point of receiving a factoring quote from different factoring companies if the service received from the cheaper one is so poor that you would end up paying more with them than the factoring company that was supposedly more expensive.
Comparison websites may work for car insurance or utility companies as there is little service involved and price is normally the driver but it doesn’t work for factoring and we believe that factoring cost comparison websites are only of benefit to the website owner and not to the customer as it’s just a very simple method of gathering leads. This is why we do not offer such a service and prefer to operate the old fashioned way where people telephone us and discuss the options with a real human being.
If however you prefer to deal with a computer rather than an experienced broker please ensure that you know the answers to the following:-
- Which factoring companies set low credit limits and refuse to fund anything over that limit
- Which factoring companies have a raft of hidden fees which could end up doubling your anticipated factoring costs
- Which factoring companies now charge a hefty renewal fee at the end of each year
- Which factoring company operates their credit control from India
Factoring Solutions – the sensible option
Factoring Solutions is one of the leading specialist factoring brokers in the UK and we know the answers to these and many more difficult questions and naturally we refuse to deal with any factoring company that doesn’t meet our high standards of service levels and transparency so for an informal chat, please contact us without any obligation as there are no charges whatsoever for our services.
Hopefully we have gone some way to explain why we do not offer an online factoring quote system as whilst it is understandable that no-one wants to pay more than necessary there is far more to selecting the right factoring company than is possible via a simple piece of computer software.
We hope to have shown you why it is to your advantage to pick up the telephone and deal with a real human being who knows the market and whilst many factoring brokers claim to deal with hundreds of factoring companies we deal with relatively few as we refuse to introduce clients to those that don’t perform as well as they would like you to believe. Additionally those factoring companies that we do deal with often offer a cheaper rate to our clients due to our “buying power”
Factoring Solutions have more years of industry experience than most and there are no charges for our services so you therefore have nothing to lose but much to gain by talking to us as we only introduce companies to one of the few factoring companies that do actually perform.
For an informal chat, please contact us without any obligation whatsoever.