As a short term funding provider for the recruitment industry, many agencies rely on the Fund my Contractor financing solution to maintain their day to day cash flow. We have always been keenly aware of the necessity for us to provide the most comprehensive funding package we can, and are relentlessly in search of ways in which we can improve our service.
The most recent update we have made involves a substantial upgrade to our bad debt protection. All Fund My Contractor’s funded placements are now covered by comprehensive credit insurance, provided by a top-three credit insurance company.
Managing Director, David Cole, says “This policy will give greater protection to the agencies using our solution as it will guarantee payment opposed to the previous bad debt protection policy which only covered should a client go bust. In this economic climate it is important for agencies to feel protected when funding their contractors so we took the decision to provide this service on all placements”
If any situation should arise where a client cannot or will not pay, or if they enter into administration or liquidation, Fund My Contractor agencies are covered by this fully comprehensive credit insurance policy. The majority of invoice finance and funding providers provide a basic level of bad debt protection, so non-paying debtors would have a serious cash-flow impact for affected agencies.
Commercial Director, Stewart Roberts, says “By using a leading credit insurer we have ensured that we can provide greater credit limits and work with our clients to ensure all debts are protected at no additional cost to our agencies.”
Fund My Contractor can provide funding on UK and currency placements based in the UK and internationally subject to a credit approval under their credit insurance policy.