Tips for Business Owners thinking about transferring

Is your contract is coming up for renewal in the next six months? Are you’re debating whether to transfer funding from your current provider? Here are a few key elements that business owners should consider:

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

Throughout the industry there are many variants in regards to the platforms that funders provide their agency partners. Business owners are frustrated that they can’t access their sales ledger. Those who need easy-to-view aged debt and want a back-office dashboard that is easy to navigate.

Quba designed the DynamiQ dashboard specifically for the recruitment industry. It not only highlights key data such as debt, margin, and consultant commission but will also allow you to run reports with real time information. Alongside this, we now have an agency branded e-Timesheet app. Both end clients and candidates can download from the app store; this links in specifically with our DynamiQ dashboard.

Are you happy with the customer service?

Communication is key for any business. Even more so when partnering with recruitment agencies. Therefore, quick responses and decisions are a necessity. If you’re finding yourself waiting on hold in a call centre, or spending days waiting for confirmation of a credit limit request, then now would be the time to look for an alternative. Quba provides each of our partners with their own direct account manager and credit controller. Both direct numbers and email addresses ensure our agency partners can get in touch for quick responses.

Does your funding provider truly help your cash flow and have an interest in protecting your business?

There are many funding solutions on the market. Some may hinder business owners rather than help them reach their full potential. Working with a financier that provides 100% finance ensures that you receive your margin every week. 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 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. Every one of our agency partners has comprehensive debt protection included within our percentage fee.

Are you paying too much for the service?

Again, dependent on your current funding provider, 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. This includes comprehensive debt protection, 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.

To find out more about Quba’s invoice finance solution and how we can help transfer you from your current provider please call me on 07741 636965 or alternatively please email me on [email protected].