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Eligo Enjoys a Personalised Invoice Discounting Service from SFS
Eligo is a national recruitment company which specialises in the IT, energy, fire and security, digital, medical and events sectors. Since its launch in 2001, the company has expanded and now recruits contractors as well as permanent employees. It was this change that led Eligo to start using invoice finance.
Aleks Dimitrova, Finance and Operations Manager at Eligo explains, “Supplying contractors affects your company’s cash flow, because we have to pay the contractors before we’ve received payment. We use invoice finance to bridge that gap.”
By using invoice finance, when a company invoices their customer, up to 90% of the approved invoice total is immediately advanced by the finance provider. The remaining 10% is paid once their customer settles the balance. This provides the company with essential working capital so it can benefit from improved cash flow without having to wait for bills to be settled.
After initially trying a service provided by a high-street bank but not being satisfied, Eligo were introduced to Siemens Financial Services (SFS).
“The most important thing that SFS gives us is a responsive account team”, says Aleks. “That is what we had lacked previously and so it was something we were keen to remedy. We were pleasantly surprised when the SFS team visited us and talked us through their system.”
This approach has continued and Eligo now benefit from a stable team who never fail to respond to queries.
Additionally, Aleks and her colleagues find the Invoice Discounting system from SFS intuitive and easy to use. The real-time information means they have an accurate view of their account and drawdown of funds only takes a matter of hours.
SFS matched Eligo’s previous funding level and offered a competitive rate however, for Aleks, the service level has been particularly impressive.
“Of course we would always look for the best price, but the quality of service is just as important because it saves on staff time and instils confidence.
It’s clear to us that SFS understands how our sector works, but more importantly they have become familiar with the specific challenges and goals of our business.”
Colin Grimshaw, Senior Relationship Manager – Invoice Finance UK, SFS adds: “Unlike other providers we were able to tailor our offering to the client, and that encompasses the personal service provided by the team, as well as the funding level and associated terms. Eligo is a successful business and we are pleased to support them as they continue to grow.”
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