We had an enquiry from a company today that has been factoring with one of the better known factoring companies and had a successful relationship until they moved from one branch to another.
Things went very quickly downhill as the factor seemed to have a number of internal administration problems including a large staff turnover but with more staff leaving than being replaced. The client was told on more than one occasion that they couldn’t cope with the clients that they had on the reduced staffing levels and on one occasion when they asked why the money hadn’t been sent over was told that the invoices hadn’t been input into the system as the data entry girl was off sick.
When the client politely suggested that the service wasn’t as good as it had been in the previous branch she was told that if she didn’t like it “she could sling her hook”.
I think that this comment will probably win the Factoring Blog client relations award of the year and it’s only February.