Debtor Finance Trick or Treat
On Halloween night, while the streets may be full of scary clowns, what's frightening are the hidden costs and stifling product features of many debtor finance offers in the market.
There's no need for panic or worry, however, as knowing what constitutes a good, clear and concise offer isn't as complex or overwhelming as it may seem.
Although all debtor finance facilities may look the same at first glance, some are laden with hidden costs and confusing product features. So, what are these hidden ‘tricks’ that you may not notice on the initial paperwork or in first offer?
Consider if there are reconciliations
Many debtor finance facilities require end of month reconciliations. For SMEs in any industry, month's end is a period of stresses and strains. The last thing anyone wants is further complications dealing with burdensome tasks that add up - a real trick at this time of the year.
One of the biggest treats of debtor financing is that it eases the pressure on businesses, to help strategically grow their offerings. Having to deal with time-consuming reconciliations and internal costs associated with these reconciliations presents issues for growing SMEs.
Get more treats than tricks
With Classic Funding Group’s online debtor finance platform, there are no time-consuming monthly reconciliations, so your business can focus on more pressing matters. On top of this, we offer unlimited free uploads and drawdowns of funds for more flexibility and ease of use.
Keeping in mind the daily stresses and strains of running a business, Classic offers a true 90 day month-end funding period. Meaning there are no advanced disapproval of invoices, thus there is no terrifying reduction in the availability of funds when you most need it.
To ensure your financial situation is less trick, more treat this Halloween, get in touch with the team at Classic today.