The key to any collaboration is having an understanding about the other partner in the relationship. In this article, Business Development Managers, Peter Thomas and Guy Jones share their thoughts on what makes a successful broker relationship and the things that they have in common.
1. Knowing their client
First and foremost, a broker should take the time to get to know their client. Gone are the days where a name and a number were enough. It is about building a relationship with the client which in turn builds client loyalty and long-term satisfaction and service.
A broker should have a proper understanding of the clients requirements before introducing them to a funder. Typically, a broker will select 2 or 3 funders that will be most suitable i.e. where criteria meets requirements as closely as possible. This will give the power back to the client. It is important that the client has options to make an informed decision. The relationship between the broker, client, and funder does not stop at the ‘go live’ or ‘decision made’ date. It is important that the broker remains in contact with both the funder and client throughout the working relationship.
Here at AP, we run off the same philosophy. Whilst we offer a selective receivables product, over 85% of our client base are repeat users and are continuously adding new buyers to their account.
2. Due Diligence
We are lucky here at Accelerated Payments (AP) to work with so many experienced brokers who know what information we need to process applications as quickly as possible. A successful broker understands the funders lending criteria and appetite before referring a potential lead. A successful broker should provide enough supporting commentary and documents for the funder to make an informed initial review. Chasing documents and incorrect submissions can lead to delays. This is one reason as to why we have a dedicated onboarding team, to ensure that both brokers and clients alike know exactly what we need and how it slots into the sign-up process.
Speed, efficiency, and simplicity is how we run AP.
3. Knowing the Market
A successful broker will have years of experience and an up-to-date knowledge (and familiarity) of the market. The Receivables Finance market has gone through a growth spurt with a plethora or varying options which for a business can be complicated to navigate. By being able to offer choice to the market, all parties know that when a deal is done, it is the best option for everyone involved.
An incredible 60% of our clients are new to receivables finance.
For us at Accelerated Payments it is vital to continue the communication piece with our brokers to inform them with product updates so that the process is as quick and effective as possible.
4. Impartiality
A broker is, and should be, by nature impartial. After all, an SMB goes to a broker to understand what the right fit for their business is, not where the broker is going to make the most commission. Funders take much more pleasure in saying yes to clients and brokers than saying no – this inevitably goes both ways!
Over 70% of our clients have been originated through our high-quality broker channel.
5. Understanding the role of technology
Technology has played a huge role in the development of the relationship between funder and client. It creates a much stickier product and allows for instant checking of debtors and access to funding. Brokers who have a deep understanding of our platform tend to have a much greater success rate when retaining clients.
We want to echo this with our relationships with our brokers and introducers. Over the past few months, we have been designing a partner portal based on broker feedback which will provide instant debtor decisions, full tracking of client progress and further improve the submission process for brokers.
We do not want to give away any secrets or surprises just yet but if you have any suggestions on what you would like to see and what would make your lives easier then please do let us know!
