A business which provided mechanical engineering support in both commercial and domestic environments experienced a customer development.
With most of its customers being large contractors who engage the firm to work in particular properties, a major customer began extending their payment times to between 60 and 90 days. This created a cash flow problem due to most of the firm’s staff being paid on a weekly basis. The company decided to seek an invoice factoring deal which allowed them to factor just that problem – client’s invoices.
The business contacted Touch Financial, the trading name of SFP Brokers, to find the best invoice factoring option for them. “When I started looking for invoice factoring, I did not believe it would be easy to find for a business like ours, with strong links to the construction sector. But Touch Financial proved me wrong by quickly putting forward two different lenders, out of which I chose the one that was right for us. I recommend them to anyone else looking for help in arranging invoice factoring.” as commented by the Managing Director.
The Managing Director expressed how invoice finance helped their business, “Invoice factoring has made a very big difference to our cash flow. We are able to keep paying our staff on time, while we wait for our customer to settle their bills. We can honestly say that factoring is working well for us.”
Manufacturing is a key sector that Touch Financial work in, finding the finance business owners deserve.