Online Quotations
Read this article before you get an on-line factoring or invoice discounting quotation
There are a number of websites that provide online quotations for factoring and invoice discounting facilities. They can be a helpful way of obtaining price comparisons but before you use an online quotation site please read this article so that you understand the possible issues and the differences between a quotation site and a the personal service that we offer.
On the web you will find a number of online quote sites that will provide you with quotes from one or more factoring or invoice discounting companies immediately. We have dealt with customers who have used these sites and whilst they serve a particular sector of the market we have come across a few instances where customers have mentioned issues that have arisen. These are some of those issues:
Amending Quotations - In some cases the quotations are produced automatically using formulae that are built into the website. We have come across examples of quotations being obtained by clients and the quotation subsequently being adjusted when they speak to the actual provider based on a fuller discussion about their circumstances.
As an example, we recently came across one client who was quoted a 90% initial payment percentage with 3 months notice of termination by an on-line quotation site. When they spoke to the actual factoring company, and fully explained their circumstances, the quote was amended to an 85% initial payment with 6 months notice of termination. At Cashflow Acceleration, we offer a personal service and speak directly to the providers to ensure that you receive reliable quotations.
Quotation Overload - Most people like the idea of getting several quotes so that they can compare prices, however we recently came across a client who received 6 quotations from an online quotation search services. This number of options can make the decision more difficult as the choice is still so wide. At Cashflow Acceleration we search the market for you and narrow down the field of choice to a manageable number that you can pursue - the number of quotations we find is driven by your requirements.
Focus On Price - One of the benefits of a site that allows you to compare online quotations is that you can compare the price charged by different providers. However, there is a drawback with this approach in that it doesn't focus on the service you will receive or the nuances of how the provider operates. Whilst price comparison is important, in practice there are subtle differences between the way that different factoring and invoice discounting companies operate and these differences need to be understood. Factoring with one provider may suit one business but not another due to the nature of the service provided. If you were buying a new car, would you choose purely based on price and nothing else? Of course not, so it follows that you would not want to buy a service based facility such as factoring purely on price. At Cashflow Acceleration, we can help you understand the service differences between providers as well as enabling you to compare prices. The best part is that our service is free of charge and we do all the shopping around for you!
If you would prefer a free, personal service from experts that understand the market and what each provider can offer please contact us for a free confidential discussion about your requirements. We are able to save most customers money as well as finding them a provider that will meet their requirements and expectations for service quality:
