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Accountants can now offer clients a selective invoice finance service through working capital specialists Scottish Pacific.
New finance option for SMEs
15 May 2015
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3 minute read
Peter Langham, Scottish Pacific chief executive, said the new funding option for SMEs would increase the range of cash flow solutions that accountants can offer their business-owner clients.
The new offering, Mr Langham said, presents accountants with the opportunity to encourage those clients who may have had reservations about committing to a longer term arrangement, or having to sell all their invoices, the chance to "dip their toes in the water".
“The ability to select which invoices to submit for funding makes it easy for business owners to find out how invoice finance can improve their cash flow without having to commit every invoice," Mr Langham said.
Selective invoice finance is also an ideal solution for businesses that have fluctuations in their trading cycles at different times of the year, he added.
"This will be especially appealing to SMEs that have seasonal cash flow needs, giving them the ability to access additional working capital when they need it, without entering into a longer term commitment," Mr Langham said.
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- <p>This is good news for SME’s. Fifo Capital, being the market leader in this sector, believes more businesses will see single invoice finance as a ‘mainstream’ cash flow solution.</p><p>Over last 10 years, Fifo Capital has witnessed how single-invoice finance has helped SMEs grow their business when banking finance hasn’t been an option.</p><p>We know SME’s love the speed of funding, flexibility to come and go, plus the fact that they don’t need to provide real estate security.</p><p>SMEs also love the high service offered, as unfortunately most financiers can only offer call centre support to SMEs. Fifo provides face-to-face account management. Fifo also provides rapid funding - in as little as 24 hours from application to funding.</p><p>But, the awareness of such a facility still remains low among businesses and many financial intermediaries (including accountants). Many SMEs are not aware such cash flow solutions can help. Having Scottish Pacific now operating in this category will certainly improve awareness among SMEs of this solution.</p>0
