How debtor finance helps a smash repair customer.
Background and issue
Our customer wanted to be a preferred repairer for several motor insurance companies and needed to meet a set of criteria. To be considered as a preferred repairer, they needed to update their premises and equipment, but did not have the required cash flow to do this. They could not increase their bank overdraft further and did not wish to mortgage their property to obtain the funds.
We provided a debtor finance solution that gave our customer more than 95% of the value of their outstanding invoices, which was more than what their existing bank was willing to lend them against the security on offer.In addition, we have systems specifically for smash repairers to administer the invoice collections direct from insurance companies, so our customer is able to leave the entire payment administration to us.