Below are the most frequently asked questions, based on a sample of meetings with over 1,500 companies:
Q1) Do I have to switch providers to secure the savings?
A) Not at all. Over 90% of our clients stay with their current providers only on better terms and with a more transparent relationship.
Q2) How much does this benchmarking and renegotiating service cost?
We work on a no-cure, no-fee basis.
Q3) How long does it take to extract the data as my team is extremely busy?
A) Usually it takes one to three hours for one of our Analysts to extract data electronically. Our Analysts only require minimal involvement from Your team, usually no more than an hour.
Q4) How do you protect our privacy and comply with data protection?
A) We operate under a strict mutual Non-Disclosure Agreement that we both sign to give you total peace of mind. We never disclose any information about your project to any source.
Q5) Are you able to review one or two particular areas in isolation where I have concerns over pricing, and where the provider is separate to my main banking relationship (e.g. Card Acquiring or FX)?
A) In our experience we get the best results for our clients when we review the total package from the bank. However, some products are separate from the main banking relationship, such as credit card acquiring, FX and guarantees, and these can be reviewed and renegotiated on a stand-alone basis.
Q6) Why don’t I just ask my current providers to reduce their costs?
A) If you ask your providers to reduce their costs you may achieve a token gesture. However, you may not know if the prices you achieve are the correct ones. Through our unique comparison data we ensure that our clients are priced at fair market terms to avoid any uncertainty for our clients.
Q7) Which companies tend to make the greatest savings?
A) Typically where the client has any one or more of the following characteristics:
- high volumes or values of transactions, or
- international trade, or
- a lot of employees, or
- funding requirements, or
- surplus cash, or
- conducted recent acquisitions.
Q8) Who else has your Group team worked with and can I speak to a previous client in my sector who has recently been through this process?
A) We’ve worked with over 1,500 large to medium-sized companies across Europe including the likes of BT, Sharp, TUI, Swinton, Clas Ohlson and Insure&Go. We have worked with companies in every sector and so we can connect you to a recent, relevant Group client who would be happy to recommend us.
Q9) Why don’t I wait and review this at my next annual meeting with the bank?
The opportunity cost of not reviewing the pricing now may be significant. For a few hours work now by one of your Finance team, you may be able to significantly improve your bottom line immediately. The Return on Investment is normally extremely attractive for our clients.
Q10) In summary, please give me 3 compelling reasons why I should spend time on this given my other priorities?
- Best case scenario, you will significantly reduce your company’s costs for a few hours effort.
- Worst case scenario, we will provide you with a comprehensive, independent report validating that you are already getting a fair deal, which is excellent due diligence for Board reporting and peace of mind
- Either way you will have clarity and transparency about your current prices versus the whole marketplace, which our previous clients have found extremely useful.