Why Won’t A Finance Company Give A Quote Over The Phone, Or Even An Indicative Price Range?
Often when people call up enquiring about our products, they ask for a quote over the phone.
In most businesses it’s not unusual to shop around and get a bunch of quotes for a product or service, however with Debtor or Trade finance our facilities are tailored to your business. There’s no set rate or fee, it needs to be assessed carefully.
Each business is unique; they have their own set of customers, their own budget and cash flow needs. They also each have a different trading history, varying financial forecasts and they absolutely have different stakeholders and suppliers invested or involved in their business. So how can we price each business exactly the same as the next business?
These costs/fees need to be calculated based on a range of variables including the state of your business, its turnover, your current debtor ledger, how many customers you have, the amount of risk the financier is taking on and the credit worthiness of your customers. Also as part of our process, a face to face meeting is required where we can meet in person and discuss your business in detail, a visit to your premises is also required so we can get a feel for how you run your business.
As you can imagine a price over the phone will not be accurate and would pretty much be a ball park figure that could very well change once we delve deeper into your company’s details and financials.
What I can tell you is that we are a little bit more expensive than a bank loan, however the difference is we will lend to you when a bank probably wont.