Financial services provided by finance companies include insurance, housing financing, mutual funds, credit reporting, debt collection, stock broking, portfolio management, and investment advisory. The Act speaks about, if the Non-banking Financial companies ceases to carry on the business of a non-banking financial institution or fails to comply with any condition subject to the certificate of registration may cancel that company registration. In 2013 we conducted a survey of 2,000 users of invoice finance (factoring and invoice discounting).
We can certainly help our clients finance the asset, but it’s up to you to ensure you choose the right asset, negotiate a best sale price, and ensure the business asset meets your needs. Talking to your accountant might bring up further reasons why the tax advantages of lease financing might make you decision to finance an even easier one. Finance companies recognize that you are in many cases using a leasing equipment strategy simply because you can obtain assets you might not be able to afford. In August 2014 we completed a mystery shopper exercise among our panel of invoice finance providers.
This study looked at 100 randomly selected existing invoice finance clients and asked them about the time during which they had used either factoring or invoice discounting, and how they rated their provider. The range of average ratings assigned to different providers was significant with a 66% range in the average ratings assigned to different factoring companies and a 183% range in the average assigned to invoice discounting companies.
The survey asked them to review their existing invoice finance company and asked that they provide a rating of their overall satisfaction with their provider. Note: some of the above companies have changed their name in the interim period so the above list reflects their current name. Whereas on average we estimated that less than 1% of the business population used invoice finance we found that amongst these fast growing businesses 12% used that method of funding. Furthermore, 52% of the segment of businesses that said that they could not grow any faster, even with more funding, used invoice finance.
Factoring financing companies in Canada can help cure the ‘ inequality ‘ that Canadian business owners and financial managers face when it comes to arranging working capital and cash flow financing, specifically AR Receivables finance. We went back and found some famous sayings he made and it clearly seems to us that some of his most famous lines potentially referred to business financing and cash flow finance. KNOCK KNOCK – WHO’S THERE’ (From Macbeth) – The who’s there refers to the choices you have when seeking out a financing partner for A/R RECEIVABLES finance. And when an industry explodes, like the finance industry did, you use policy to manage the damage.