Is it time to switch Invoice Finance providers?
By Sarah Furze , Head Of Relationship Management
There remains a common misconception that switching Invoice Finance provider is akin to switching current account: it sounds time and effort consuming and therefore many stay with their original provider because it is easier. But things have changed, as with many other financial products, and these days the process can be much smoother, quicker and easier than it once was. Because so much is now automated, the information required to change Invoice Finance providers can often be accessed securely at the click of a button. Business owners want facilities that require minimal effort from them, an easy-to-use system, consistent, supportive contacts including someone to help understand and get the most from their funding solution so they can focus on building their business.
Here we explore how switching to Ultimate Finance can be an easy, smooth transition and how the support of the team and an agile, digital approach to funding can make this the key change your business needs to meet its ambitions.
Why could you benefit from switching Invoice Finance providers?
You may be wondering if your current invoice finance provider is the best fit for your business. Maybe you feel like you are paying too much for what you have, getting too little from your facility, or not getting the support you need. If any of these scenarios sound familiar, you may want to consider switching to a provider that can offer you:
A tailor-made facility that suits your unique business needs and goals
Whether you need a confidential or disclosed service, a selective or whole ledger facility, or a flexible funding limit, it could be that your lender has very rigid facilities that do not allow for yours to be designed around your business structure and ambitions.
A simple and user-friendly system that lets you manage your facility with ease
Although it has become much more popular, Invoice Finance has suffered in the past from being seen as too complex and less user-friendly than other funding solutions. Nowadays though, processes have been fine-tuned to make managing your facility and, importantly, accessing funds much easier and quicker. Via an online platform you can upload and view your invoices, payments, and available funds anytime, anywhere, and from any device. And to make things even more seamless, you can even access reports and analytics to monitor your cash flow and business performance directly from within your account. But what can really make a difference is having access to a supporting team that helps you get set up and familiar with processes that may be new for you and your team.
A dedicated and experienced relationship manager who understands your industry and your challenges
Often, business owners come to us because of our relationship-driven approach, which has seen us receive several industry awards and a driver of many reviews on Trustpilot. Beyond making funds available to your business, what should drive your facility is the support and service you receive alongside it. And that starts with a dedicated team of Relationship Managers and a single main contact who ensures that everything is running as it should. In addition, having access to an expert manager allows for personal understanding of your business and the challenges and opportunities that go with it – that way, they can think ahead and provide you with the best facility at all times.
A range of complementary services that you can access as your business grows
In addition to Invoice finance, your business may be able to benefit from other solutions to maximise your cashflow strategy, such as Asset Finance or Trade finance for example. However, not all lenders may be able to cater for several funding solutions, and so finding one that can provide multi-asset solutions can help future-proof your business and give you the boost you are looking for without having to tie yourself to multiple providers.
Switching to Ultimate Finance: A Smooth Transition
Switching your invoice finance provider might seem like a daunting task, but with Ultimate Finance, the process is straightforward and stress-free.
Here’s how easy it is to make the switch and start enjoying the benefits of a supportive, friendly and flexible financial partner.
Why Switch to Ultimate Finance?
We’re solution-led. That means your business needs come first, not our products. Our expertise is in providing flexible funding; tailoring the right solution for your unique needs. Since opening our doors in 2002, we’ve provided over £10bn in funding to support business ambition.
Strong customer service metrics continue to set us apart in our market, we have been holding onto our industry-leading TrustScore and Excellent Trustpilot rating for the past few years, recorded a , a ‘World Class’ Net Promoter Score of 73 and received continued recognition in industry awards, including receiving the Specialist Product of the Year at the recent B&C Awards.
The Switching Process
- Easy initial conversations: The first step involves a no-obligation consultation with an Ultimate Finance expert. Our team take the time to understand your business and your specific needs. This is an opportunity to ask questions and learn how we can support your business.
- Tailored Solution: Ultimate Finance will come to meet you at your business to get to know you and your operation better and obtain some key information from you – most of which can be obtained via Open Finance for additional security and speed. We will then propose a bespoke funding solution that is fully tailored to your business needs. These indicative terms outline the benefits and requirements, providing a clear picture of what you can expect.
- Simple Application: Once you decide to move forward, the application process is simple and efficient. Ultimate Finance prides itself on reducing your administrative burden, allowing you to focus on running your business. You’ll need to provide some documentation, but with our digital approach much can be done at the click of a button and the team is there to guide you through every step.
- Seamless Transfer: We manage the transfer process with minimal disruption to your business operations. We liaise with your current provider to ensure a smooth transition, handling the technical and logistical aspects on your behalf.
- Ongoing Dedicated Support: You will be matched to a dedicated Relationship Manager throughout the life of the facility, providing ongoing support and regular check-ins to ensure that the funding solution continues to meet your needs. Our aim is to be your trusted advisors and there whenever you need us.
The Benefits of Switching
– Improved Cash Flow: Access to funds within 24 hours of raising an invoice.
– Flexibility: Tailored solutions that grow with your business.
– Transparency: Clear terms with no hidden fees.
– Expert Support: A team dedicated to your facility that understands and supports your business.
Get funded
Ready to find out more about how Ultimate Finance could support your business? Ask your business introducer to get in touch with us or contact us directly on 0800 121 7757 or by filling in our quick online form today.
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About the author
Sarah Furze , Head Of Relationship Management
Head Of Relationship Management at Ultimate Finance
