Global Invoice Discounting Franchise Expands Into Scotland
A franchise business, now expanding into Scotland, helps the growth of SMEs experiencing temporary cash flow challenges. The Interface Financial Group (IFG) was established in Canada in 1972, and started franchising the business in 1990. Since then it has grown internationally, and currently has over 150 franchised offices worldwide.
IFG allows a 'qualified' company to use its unpaid invoices to accelerate cash flow by buying single invoices at a discount, thereby giving rapid access to the cash. However, unlike traditional invoice discounting services, IFG lets its clients use the service on an ad-hoc 'invoice-by-invoice' basis. There is no long-term commitment, no on-going fees or minimum usage levels, making it ideal for SMEs who are struggling to source temporary funding from more conventional methods such as bank funding.
Company CEO David Banfield said: “With banks closing down credit lines and customers taking longer to pay, we offer small and medium-sized companies a much needed financial lifeline. They may need immediate access to cash to fulfil a larger than usual client order - this is the type of transaction we can help with.”
Banfield added: “For the past two decades, Interface has consistently delivered a proven business model for their franchisees and can offer potential franchisees in Scotland a rewarding and potentially-lucrative entrepreneurial opportunity helping other businesses achieve their goals. We are now seeking individuals in Scotland with the business acumen and vision to be part of the growing IFG brand.”
An IFG franchisee can operate from a home-based office, with low overhead. Previous financial experience is not necessary as full training, and back office and marketing support are provided by IFG’s UK headquarters and support team.
One of IFG’s 14 UK-based franchisees is Neil Tipton, based in South Cheshire. After 37 years working with Barclays Bank globally, he took early retirement and joined IFG. “The IFG franchise appealed to me for many reasons. Having a background in finance I have seen first-hand that many companies are struggling to find the support they need from banks and other traditional sources, and so I saw a real gap in the market for the service that IFG is offering,” said Neil. “I was also extremely interested in the flexibility that comes with an IFG franchise. The freedom of working from home is fantastic, especially when it comes after so many years working intense six-day weeks.”
Financing of an Interface franchise can start at approximately £70,000, which covers the initial fee and start-up working capital. IFG is hosting a discovery day in Glasgow city centre, on February 19, to let prospective franchisees learn more about the franchise opportunity.