These were the top 5 reasons that clients gave for moving to their existing invoice finance company from another provider – research results from our market research survey of 100 existing invoice finance users. These answers accounted for 80% of the responses:
- 42.4% – Cheaper
- 16.0% – Changed banks
- 8.8% – Better service
- 7.2% – More flexible
- 5.6% – More personal service
By far the key reason for moving invoice finance companies is cost savings – moving between providers for cheaper invoice finance deals. The second reason was not anticipated when we planned the study – changing banks. The clients moved invoice finance companies as they moved banks – there seemed to be a preference to keep everything with one provider despite the risks of having “all eggs in one basket”.
Service levels and flexibility are there but further down the list.
Article – Free guide explaining – How To Switch Invoice Finance Or Factoring Companies.