Siemens Financial Services (SFS) has agreed an invoice finance deal with facilities management and cleaning company NIC Services, which will more than double its funding limit.

NIC Services had a pre-existing relationship with SFS as the company uses asset finance to acquire cleaning machinery. The SFS asset finance team mentioned the invoice finance provision to NIC Services, who met with the team to offer the proposal.

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Pulin Trivedi, invoice finance head of sales for the North East at Siemens Financial Services, said: “By taking the time to get to know Simon and the business, we were able to understand the associated risks and offer the best possible invoice finance deal for the company. We look forward to seeing NIC Services grow with us for years to come.”

According to NIC Services, the company now benefits from having a more sophisticated invoice finance system, which is quick and easy to use. Unlike their previous provider’s system which could take up to 24 hours to update, the SFS solution updates in real time and provides much faster access to funds.

Simon Tidswell, group financial director at NIC Services, said: “In our industry, invoice finance is essential. Typically 70% of our costs are staff, and customers are taking longer to pay, so borrowing against the invoice value facilitates cash flow.”

“The SFS team not only offered a solution to meet NIC’s needs but it was also reassuring to work with a recognised and trusted name. Despite their experience in the industry, we were surprised to discover that SFS has a refreshingly different approach in terms of forming customer relationships.”

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In November last year Siemens Financial Services agreed an invoice finance deal with  Arcinova, a UK-based research and development organisation providing services to the pharmaceutical industry. In the agreements with Arcinova and NIC Services up to 90% of the approved invoice total will be immediately advanced by SFS. The remaining 10% is paid once its customer settles the balance.