When to transfer funding provider

Are you in a contract with a funding provider and wondering if you want to renew?

You are not alone.

We have many recruitment agency owners looking to see if the grass is greener, so here are some key elements to consider when thinking about transferring providers:

Does your current funder provide an easy to use and efficient IT platform?

Throughout the industry there are many variants regarding the platforms that funders provide their agency partners. We hear daily of directors that are tired of not being able to access their sales ledger, easily view aged debt or find the back-office dashboard complicated to navigate.

Quba’s DynamiQ dashboard has been created purely for the recruitment industry and not only highlights key data such as debt, margin and consultant commission but will also allow you to run reports as mentioned above with real time information. Alongside this we have an agency branded e-Timesheet app that both end clients and candidates can download from the app store; this links in specifically with our DynamiQ dashboard. Saving time on administrative tasks whilst looking professional.

Are you happy with the customer service?

Communication is key for any business; quick responses are a necessity to give you the ability to answer queries or make informed decisions in good time. If you’re finding yourself waiting on hold in a call centre, or spending days waiting on such things as confirmation of a credit limit request then it might be worth looking for an alternative. Quba provide each of our partners with their own direct account manager and credit controller with direct numbers and email addresses ensuring our agency partners can get in touch for quick responses.

Does your funder truly help your cashflow and have an interest in protecting your business?

There are many funding solutions on the market however some may hinder your business rather than help it reach its full potential. Working with a financier that provides 100% finance ensures that you receive your margin every week and your contractors are paid on time too. This can sometimes help businesses much more so than those using traditional factoring methods, typically only receiving 70-90% of the invoice value.

Alongside this you should consider what you currently have in place for debt protection – this is a key element to provide security for recruitment business owners. If you have many clients where you are overtrading or alternatively being refused credit on a continual basis then it’s worth looking at alternatives. All our agency partners have comprehensive debt protection included within our percentage fee.

Are you paying too much for the service?

Again, dependent on your current recruitment financier, you may be getting charged additional fees that you wouldn’t need to pay elsewhere. Monthly minimum fees, credit check costs, fees for your margin to be paid via faster pay – these are just a selection that we come across in the market. Quba Solutions charge one set percentage which includes comprehensive debt protection and the full back-office solution, and we don’t charge additional fees such as the above. We want to help your business grow and because of this we like to ensure our costs are competitive and fair.

If the grass seems greener please get in touch on 01305 233178 or fill in a contact form online to find out more about Quba’s invoice finance solution and how we can help transfer you from your current provider