Convenience funding might be quick but can come at a cost…
We’ve all become time poor and look for opportunities to get things done quickly and with little fuss. This has led to increased use of online platforms with matrix driven (no human involvement) approvals and while this can make sense for low value and simple finance needs it can lead to significant cash flow problems with larger capital purchases, business purchases or where there is an accumulation of smaller value asset purchases.
The convenience trap can affect you in the following ways:
· For larger capital purchases/business purchases – because this generally involves assets that have more complexity and need for understanding around them, an online approach for finance will rarely work well. This is because it is too challenging to capture any in-depth understanding of the asset itself or its economic or useful life in your business. Any approval here will likely be on terms that suit the financier best and with little or no consideration of whether this makes sense for your business or considering the impacts on cash flow.
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