Fund My Contractor switches providers
This move to ABN AMRO Commercial Finance PLC means that Fund My Contractor can potentially fund placements in up to 150 countries worldwide.
Recently, Fund My Contractor had a number of enquiries to fund contractor placements in countries such as Chile, Brazil, United Arab Emirates and South Africa. For this reason, Fund My Contractor went out into the market to find a suitable invoice finance partner who could fund these countries, and managed to secure the services of ABN AMRO Commercial Finance.
Fund My Contractor found that ABN AMRO were able to offer greater funding capabilities in countries in Africa, South America and Asia that were currently not available under the existing invoice finance arrangement. With the increase in countries now being approved for funding, combined with all approved debts now covered by the Atradius credit insurance policy, recruitment agencies are able to expand to international contract placements with extra confidence and ease.
An exciting and refreshing element of partnering with ABN AMRO Commercial Finance is that they take a Commercial approach when asked to fund “Pay when Paid” contracts. In the past 18 months, Fund my Contractor have noticed that a number of large clients have decided to outsource their back office and accounts departments to Recruitment Process Outsourcing (RPO) companies. These companies manage payment arrangements, ensuring that the agency receives their payment when the RPO receives funds from the end client. Our experience with other Invoice Finance funders is that their funding can be very restrictive in such situations.
Commercial Director, Stewart Roberts, says, “Moving to ABN AMRO Commercial Finance dramatically improves the services offered by Fund My Contractor, as we can now provide our services to a wider range of countries worldwide. This allows agencies to branch out into international contract positions, without having to sign up to long term, expensive invoice finance agreements. ABN AMRO Commercial Finance look at Pay-When-Paid funding - allowing agencies to get the funding they require on clients, that other invoice finance companies see as a risk.”
Rob Kelly, Business Development Manager at ABN AMRO Commercial Finance, says: “We are delighted Fund my Contractor have transferred their funding arrangements to ABN AMRO Commercial Finance. We look forward to supporting them with their growth plans for 2014 and beyond.”
Fund My Contractor have decided to roll out these services at no additional cost to prospective agencies, charging the standard rates quoted on their Service Level Agreement.