When we spoke to a sample of SMEs we were told that 56% of them would prefer to use an independent invoice finance company rather than a bank-owned company for their factoring or invoice discounting facilities. These are the reasons they gave for that choice:
- 41% Personal service
- 13% Wouldn't trust banks after what's happened in the last few years
- 9% Customer Focused
- 9% Flexibility
- 9% Reliable
- 7% Not having “all eggs in one basket”
- 5% No foreign call centres
- 5% Not being just a number
- 2% Less risk
Clearly, there are a number of actions that banked-owned factoring companies could take, to address some of these points, in order to increase their appeal to SMEs.
Learn more about SME Invoice Finance.