Lloyds Bank debuts revenue share offering for invoice finance brokers
Lloyds Bank Commercial Banking has launched a new commission structure for brokers who introduce their clients to its invoice finance services.
The market-leading proposition offers brokers a 40% share of the service fee revenue Lloyds Bank generates from their client for the life of its relationship with the business.
This enhanced lifetime approach has been made possible thanks to its brand strength and high customer retention rates.
Brokers who refer their clients to Lloyds Bank will benefit from a transparent monthly rewards structure and the support of dedicated relationship and on-boarding managers.
The new proposition applies to new SME clients (businesses with a turnover up to £25m) that take up Lloyds Bank’s invoice discounting, factoring or asset-based lending products.
This suite of products is designed to give businesses the ability to achieve their growth ambitions through the effective management of working capital.
Phil Beales, director RBB and direct invoice finance, global transaction banking, at Lloyds Banking Group, said:
“Our new proposition offers invoice finance brokers one of the most competitive reward structures currently available on the market and acknowledges the part they play in supporting SME businesses to access appropriate funding and the value clients gain from a stable and strong financial platform.
“We’ve been able to develop this thanks to the length of our client relationships. Typically, our clients stay with us for more than seven years and we currently have more than 200 businesses that have been with us for more than 20 years. This retention rate has been achieved through our depth of funding experience and knowledge.
“Our brokers know their clients will receive tailored guidance on how to develop an effective working capital management strategy and quality of service that’s specifically geared towards to supporting UK businesses.”