“feeLink gives our clients that extra choice and option.”23 April 2012
Halpin Partners provide premium accounting advice to over 460 business owners. The practice has achieved rapid growth and expansion, which has led to an increased focus on the collection of accounts receivable. They found assistance in a fee funding service called feeLink.
Fee funding wasn’t a new concept to Halpin Partners. According to Darren Halpin, Managing Director, they’d previously tried two other services.
“The other solutions we tried were overly complicated and time consuming. Sometimes the process could take over a month, and even then approval was not guaranteed.”
“The whole process is so much easier with feeLink. It is simple for our clients to make an application – it’s really just a matter of them signing a form and returning it to us.”
Decreased debtors and an increased cash flow have been the key benefits for Halpin Partners, but there’s also been an extra advantage – increased flexibility for their clients.
feeLink is offered alongside traditional payment methods. There is no obligation for them to use feeLink, so it gives their clients the benefit of being able to decide what suits their needs best.
As Darren says, “feeLink gives our clients that extra choice and option.”
“With our focus on larger clients we often find ourselves doing large restructures. It is great when we can offer the client the option to spread their restructure cost over 12 months. It makes it easy on their cash flow and the clients love that.”
One of the biggest advantages is that Halpin Partners are able to provide their clients with the choice as to what payment frequency suits their specific needs and 6, 9 or 12 month options are available. It means their clients have smaller, more budget-friendly monthly repayments.
Having a regular monthly direct debit, instead of one large lump-sum payment, also provides their clients with extra predictability in their outgoings and makes it easier when budgeting and managing expenses. They can also claim the tax deduction on any interest paid.
Most importantly, by removing the pressure around the fee-paying process, it helps strengthen the relationship that the Halpin Partners team have with their clients.
Darren adds that feeLink has also simplified their internal processes by saving their team time and effort as it is “so simple for us to manage and administer.”
Documents can be easily emailed to clients, and he can even track the progression and regularity of repayments via the login facility on the feeLink website.
The simplicity of feeLink also makes it easy when explaining how it works to new clients.
A new feature now being offered is the feeLink flexi option, which cuts down administration time even further. It provides a simple way to renew existing loans or add another loan, with the agreement being only a single page.
“feeLink flexi means our clients now only need to send us an email to apply for funding. The turnaround is now only about a week.”
Halpin Partners originally began offering feeLink to a small number of clients. The positive response means that they are becoming even more proactive in using feeLink.
In the future, they are planning on offering all clients the monthly repayment option over 12 months. It reflects their values to provide a very real difference to the lives of their clients.
- Increased cash flow – at no cost to the practice
- Improved client relationships
- Easy to use and administer
- Added flexibility to the payment process
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