How educating the client and providing full support led to the ideal funding facility

The requirement

A specialist beverage supplier submitted an enquiry on Spark Finance’s website, seeking funding for two outstanding invoices totalling £60,000.

The client needed a Spot Finance provider, as they required only specific invoices to be funded, not their entire ledger.

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The challenge

The client was speaking to a Selective Invoice Finance provider and received an offer from another lender whilst working with Spark.

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The process

Spark’s team offered to compare Selective and Spot Invoice Finance options for the client, so they could understand the differences, benefits, and challenges of each option.

The client’s preference was for a spot facility which would give them the freedom to fund any debtor/invoice as and when required, as opposed to the selective option which required them to upload every invoice for their client going forward.

Spark introduced the client to a lender that approved a total funding package for £119,000 in principle for the business.

As the point of contact from the business was not a director, Spark leveraged their relationship with the lender to expedite a solution which allowed the client to be set as the main contact instead of the director.

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The result

Once this process was completed and final checks undertaken, the lender was able to increase the facility to £210,000.

The client proceeded with Spark’s option and emphasised their satisfaction with Spark's work, noting how the lender referred provided the flexibility they desired whilst meeting all their requirements.

They also left a 5-star Trustpilot review for Spark Finance.

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Spot invoice finance

This type of facility offers enhanced flexibility compared to many standard Invoice Finance arrangements that are based on a whole turnover arrangement.  

With Spot Finance, the customer is free to pick and choose which invoices they require funding.

Key Factors:

• Up to 100% of invoice advanced (less fess)
• Business-to-Business transactions
• Credit terms ranging from 30 to 120 days
• Funding available for invoices with one or multiple debtors

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Steps to success

Understanding the Products: Educating the client thoroughly on all details and conditions of the available products.

Client Relationship: Spark’s support team built a strong relationship with the client, demonstrating extensive product knowledge and earning their trust. Spark viewed the transparency regarding the alternative offer as a learning opportunity, seeking to understand the client's motivations and ensuring all requirements could be met through a single product.

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