Home > Uncategorized > Invoice financing.No more hard sell

Invoice financing.No more hard sell

At a recent dinner I shared a table with a number of representatives from a very high profile invoic financing provider. Good company and enjoyable afternoon but I was struck by a number of impressions and conversations.

Invoice financing still has an unfortunate image in the eyes of many potential borrowers. Past behaviour and reputation has certainly damaged the sector and my belief is that there could easily be double the number of borrowers if the industry had promote itself in a more responsible and professional manner. Things have greatly improved but old attitudes do persist

A couple of the account managers I spoke conveyed the impression of straight forward salesmen more attuned to flogging cars or double glazing rather than a absolutely vital component of a businesses future success. One in particular with a cheesy grin and a less than impressive grasp of the industry I could never contemplate putting in front of a client.

I have also recently met another account manager from the self same lender and his approach was far too geared towards making unsubstantiated promises with the simple view of getting the borrower to buy into a facility under any terms. The client was very unimpressed and even with my presence ensuring a certain level of professionalism.

Furthermore I know a senior manager from the lender well and he is exceptionally hard working and astute. We had a conversation on this very subject and his view was that he wanted a team of young eager hungry sales people. That’s fair enough in the short term but I rather forcefully told him that this is the very last thing a competent broker or client wishes to see.

Many business owners will laugh off or simply shrug shoulders at the stationery or insurance salespersons patter. Neither commodity is vital to his business

Invoice financing is very different. A good or bad facility can make or break a business. This is a serious matter and the devil is in the detail. Every base has to be covered because one error, misunderstanding or misrepresnetation can be catastrophic

Rightly my clients expect professionalism and straightforward clarity from lenders. The majority understand this but a minority cannot seem to grasp that this is not a matter of getting the dotted line signed regardless but is a vital long term relationship which requires strong trust and management

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