What makes a good invoice finance provider?

Is it their long standing reputation in finance? Or could it be their terms and conditions?

We think there’s 7 essential attributes a good invoice finance provider should have. We’ve broken each of these down and had a look at why they’re important for your recruitment business.

1. It’s flexible for your needs

Why you need it
Invoice finance should provide your business with the cash it needs to get things done. It should also be flexible to support business growth. Rigid rules and regulations put the brakes on growth and frustrate a business owner.

Sonovate has it
We make sure the finance we offer is as flexible as possible, so that our customers can maximise business opportunities.

What does this look like? For starters:

  • We release an industry leading 100% profit from your invoices. Meaning that your cash flow is boosted to the maximum.
  • We don’t enforce an all-turnover agreement, so you have the freedom to use Sonovate on a client-by-client basis.
  • We don’t insist on having reserves in place, so you never need to worry about your profit being withheld.

 

2. It’s hassle free

Why you need it
Invoice finance is meant to make your life easier and simpler. You shouldn’t have to worry about long contracts with unnecessarily prolonged notice periods. And, if an invoice finance provider’s service and products are good enough, they shouldn’t need to tie customers in knots.

Sonovate has it
We don’t see the benefit of tying you into a long contract at Sonovate. So, we offer a rolling monthly contract. And there’s only a 30-day notice period if you decide to leave us.

 

3. It’s built for scale

Why you need it
One of the key reasons you might want to use an invoice finance provider for your business is to enable your ability to scale. The idea is that they provide you with the financial freedom and support you need.

A key downfall of many is that the fees, charges and additional costs they make you pay can be very restrictive for you – so you’re not actually able to scale.

Sonovate has it

We’ve made sure our fee structure doesn’t hold you back. And, simply put, there are no additional fees.

 

4. It’s geared for the individual

Why you need it
To develop relationships with your clients and grow your recruitment business, you need to be able to decide how much business you do with them. A lot of invoice finance providers have concentration limits in place, which prevent you from being completely in charge of your business.

Sonovate has it
Concentration limits are old fashioned and restrictive. So we don’t use them.

We give you the freedom to fund as many (or as few) contractors as you like with each of your clients.

 

5. It’s easy to get started with 

Why you need it
Whether you’re working with an invoice finance provider for the first time, or you’re moving from one to another, the transition of your business needs to be as straightforward and as smooth as possible.

You don’t want any disruption to your business, so easy migration is important.

Sonovate has it
We make it really simple for businesses to join Sonovate, whether you’re using invoice finance for the first time, or you’re already using finance.

For new agencies the process is really simple. We set your account up and away you go – all in less than 24hrs.

For agencies moving over from a financier, we have a dedicated onboarding team in place to guide your move to Sonovate. We manage the whole process so you can focus on business as usual.

 

6. It’s simple to use

Why you need it
We mentioned simplicity before, and it applies to more than just the finance side of things. When it comes to the actual process of how you use your invoice finance provider, simple processes are essential.

You don’t want to end up putting more time and effort into the workload than before – it defeats the purpose of using an invoice financier.

Sonovate has it
We created Sonovate to support businesses who place flexible workers. Understanding how complex this process is, we’ve engineered a super simple process to get everyone paid. From your branded account, simply enter placements details. From here, Sonovate manage credit control, online timesheets, invoicing and payments to your business and contractors – giving you more time to focus on growing your business.

 

7. It provides your business with security

Why you need it
When you sign up with an invoice finance provider, you’re giving access to not only your own business data, but also that of your clients and contractors. So, it’s vital that the financier you choose has the correct processes in place to protect your data.

Sonovate has it
Protecting our customer’s data is paramount. Your account is fully SSL encrypted and compliant with GDPR. We never misuse your data, or that of your clients and contractors – and we make sure we store it securely.

Read our Privacy Policy to see how we keep your data safe

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With the increase of popularity of invoice finance being used by recruitment businesses, it’s important to make sure you choose the right one for your agency.

Traditional invoice finance providers may have a long standing reputation, but that doesn’t mean they’re the forward-thinking financier you need. Have a look at what they offer you, and see how Sonovate compares.