A List of the Best Known UK Factoring Companies
Our research identified that many businesses were unaware of factoring and invoice discounting products due to the low levels of advertising and promotion by the invoice finance industry. Our findings revealed that 80% of SMEs - Small and Medium Sized Businesses - that we spoke to, had not seen any advertising during the last year, for invoice finance products, whatsoever.
This led us to compile a list of the best known factoring companies that were most well known within the industry by asking a sample of SME businesses 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 of factoring companies suggests a number of interesting things. First of all it is incredible that 42% of respondents were unable to name even a single invoice finance company. This supports our theory that the low take up of these products is, at least in part, driven by very low levels of awareness within the business community.
Secondly, just eight factoring companies were mentioned, of which nearly half of these are bank owned. This does not reflect an appreciation of the true spread of available factoring finance companies within the market. In fact there are some 46 members of the ABFA (Asset Based Financing Association) alone contributing to their industry figures and in addition there are a number of other reputable companies that are not members of the ABFA. Market awareness of many of these companies appears to be extremely low.
The lack of knowledge of the full range of factoring companies in the market means that customers are likely to be missing out on some of the best offers that are available.
If a business is seeking assistance with its cash flow through factoring or invoice discounting we would strongly recommend that they seek out other invoice finance providers, in addition to those on this list, in order to make sure that they are receiving the best deal from a factoring company that will suit them.
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Direct marketing is fast becoming the most widely used method of marketing in every industry domain. It is the process of contacting people individually rather than wasting money on expensive means of marketing such as mass advertising. Although conventional methods of marketing have been fruitful in the past; today's highly competitive environment required the companies to opt for something more cost effective such as direct marketing.
Its services to another business, they need to wait between thirty to sixty days to get paid. Although companies that have a large cash cushion in the bank can absorb.
Factoring is also referred to invoice factoring which is known as a type of business financing. Through this process small businesses or start-up companies sell their invoices to a third party in order to get instant liquidity so they can manage their business operations more efficiently.
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