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Research in which many companies were unaware of the factors and invoice discounting products due to low advertising and promotion of invoice finance industry. Results showed that 80% of small and medium enterprises – SMEs -. As we spoke to, had not seen the ads last year, account for financial products, what
This led us to compile a list. known aspects of a company that was known in the industry by asking a sample of SMEs to name the first invoice finance company that they could think of
The results were as follows:
42% – Could not think of a single invoice finance company
24% – Lloyds TSB Commercial Finance
13% – RBS Invoice Finance
8% – Barclays Sales Financing
5% – Bibby Factors
3% – HSBC
2% – Close Invoice Finance
2% – Venture Finance
1 % – GE
This list factoring companies suggests a number of interesting things. First of all it is amazing that 42% of respondents were unable to name even one invoice finance company. This supports our theory that the low take up of these products is at least partly due to very low awareness within the industry.
Second, only eight companies were mentioned factors, of which nearly half of these are bank owned. This does not reflect an understanding of the true spread of available Factoring finance companies within the market. In fact, some 46 members Abfall (financing services Association) one promoting speak their industry and in addition there are a number of other reputable companies that are not members of Abfall. Market awareness of many of these companies appears to be very low.
lack of knowledge of the universal aspects of the business market means customers are more likely to be missing out on some of the best deals available.
If the company is seeking the assistance of the cash flows of factoring or invoice discounting we would strongly recommend that they seek out other services invoice finance, in addition to those on this list, in order to make sure that they are getting the best deal from factoring company that will suit them.
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