Although the high street banks all say that their doors are open for business in reality this couldn’t be further from the truth. What is happening at the moment is that the banks are looking at their portfolios very closely in deed. If a business steps out of line in terms of how they operate their factoring facility , they post a bad set of results the high street banks are proving to be very in flexible. In truth before the recession they were probably taking on too many customers than they should hve done. As a result service levels dropped and now that the economy has taken a turn for the worse they cannot manage their accounts as they should.
The result is that Banks are looking for excuses to clean up their portfolios. At XL Business Finance we are seeing more and more businesses that have been given notice to change to a new factoring company. Although this will be a worry for many businesses the good news is that are plenty of finance companies that are actively looking for the customers that the high street banks do not wish to keep on their books. XL Business Finance has the experience and knowledge of the UK factoring market to help you find a new finance company.
We will make sure that your new company will provide you with the service and flexibility that your business will require. Any independent factoring company will provide a much better service than any high street bank. Depending on your own particular circumstances and geographical location we will ensure that you get talking to the most appropriate finance company.
Tags: Factoring, factoring company
